Worldcoin (WLD) fell 11% on September 24th as intense selling pressure in both Spot and perpetual markets overwhelmed bullish activity. Data reveals a significant capital pullout, with traders selling $280.92 million worth of WLD in the perpetual market against a netflow of negative $41.45 million. The Spot market saw inflows of $63.89 million, confirming a sell-off trend. With a negative funding rate and long positions suffering the majority of liquidations, the asset faces continued downward risk, with any recovery uncertain.
Worldcoin’s [WLD] value dropped by 11% in the early hours of September 24th, driven by significant capital outflow. Data from CoinGlass indicates that the sell-off pressure is impacting both Spot and perpetual markets, potentially forcing the asset to trade even lower.
Traders sold $280.92 million worth of WLD in the perpetual market over the past 24 hours. This was more than the total purchased in that period, resulting in a negative netflow of $41.45 million. The Spot market confirms the bearish trend, experiencing inflows of around $63.89 million, which is more than the outflow.
Spot market netflow remained positive at $6.02 million, adding further downward pressure as demand fails to keep pace with selling. The funding rate, while recovering from a low of -0.0096% to -0.0046%, remains negative. This indicates that short positions still dominate the market despite an increase in long contracts.
Liquidation data further weakens the case for a bullish reversal. Of the total $4.36 million liquidated, long positions lost approximately $4.32 million, compared to only $39,090 lost by short positions. This implies that it was nearly 110 times more profitable to short WLD than to go long during this period.
The rising funding rate could signal an attempt to liquidate remaining long positions before any potential downward continuation. Given these metrics, investors are advised to maintain caution as capital outflow and high long-position liquidations suggest continued weakness.
