WIF aims for a new high of 5 USD, showing potential for a bounce back. However, following an 18.98% drop due to market conditions, it is currently finding support while market sentiments vary among traders.
A positive trend in funding rates at 0.0044% indicates bullish tendencies among long traders. Yet, large withdrawals totaling approximately 1.67 million USD from spot traders could pose downward pressure on WIF.
With open interest declining by 10.01% to 403.15 million USD, the loss of confidence among derivative traders suggests a cautious outlook. Continuous liquidations primarily affecting long positions add to the bearish sentiment in the market.