The cryptocurrency Movement (MOVE) showed a minor 0.68% price increase over 24 hours, but a nearly 12% jump in Open Interest suggested heightened speculation. On-chain data, however, revealed persistently negative funding rates and metrics indicating holders may be preparing to sell, casting doubt on the sustainability of any price bounce.
The altcoin Movement (MOVE) saw a 22.45% price rally within an hour on February 15, but it has since nearly fully retraced that gain. This brief uptick corresponded with a significant increase in Open Interest, yet Coinalyze data showed funding rates have remained stubbornly negative all week.
The negative funding rates imply the derivatives market is heavily tilted toward short positions. This bearish sentiment aligns with MOVE’s long-term downtrend, which has persisted since January 2025.
On-chain metrics suggest the recent price bounce could be met with selling pressure. Only 1.127% of addresses are currently in profit, making any price increase a potential exit opportunity.
The spot taker CVD has shown seller dominance over the past three months. Furthermore, the Coin Days Destroyed metric began rising during the recent price uptick, indicating older coins were moved.
A sharp spike in Coin Days Destroyed would signal greater seller conviction, similar to past events. The exchange net position change has also turned positive, indicating increased MOVE flows into trading platforms.
Together, these metrics warn that the price bounce was likely to be sold off. The one-day price chart illustrates the strength of the overarching downtrend through swift rallies and immediate pullbacks.
Combining the metrics with the long-term price trend suggests traders might use another bounce beyond $0.032 to establish short positions. The increased Open Interest in the past 24 hours showcased speculative hope of catching the quick move and making profits.
