Despite fragility in the broader crypto market, Kite (KITE) has been a top performer with a 67% monthly gain. The rally is fueled by a 27% surge in derivatives open interest to $105 million, with bulls maintaining a slight edge in funding rates. However, a critical divergence is emerging as aggressive sellers dominate trading volume on Binance, which controls over half the token’s liquidity, creating a potential challenge to the uptrend.
The token climbed 12% in the past 24 hours, extending its monthly advance to 67%. The latest leg higher was driven by aggressive speculative positioning in the derivatives market, where liquidity expanded sharply.
Open Interest surged 27% over the past day to roughly $105 million. The OI-Weighted Funding Rate remained positive, confirming that buyers currently hold the upper hand, though it is trending toward neutral territory.
Despite the bullish funding structure, emerging pressure from Binance warrants close attention. The platform’s Taker Buy/Sell Ratio has fallen to 0.61, indicating sell-side market orders significantly outweigh buy-side activity.
This development carries weight because Binance controls more than 50% of KITE’s total liquidity. At the time of writing, the exchange accounted for $57.67 million in Open Interest and $89.16 million in trading volume.
Liquidation heatmap data further reinforces the market’s delicate balance. Liquidity clusters currently sit both above and below the price, suggesting the market has yet to commit to a definitive directional breakout.
For now, KITE stands at a technical crossroads, supported by strong monthly gains and liquidity inflows. It is increasingly challenged by concentrated sell-side activity on the market’s dominant exchange.
