Overview
- Twenty‑four hour trading volume fell about 50% to $3.97 billion, suggesting capital rotation rather than a full exit, according to AMBCrypto.
- Derivatives metrics weakened as open interest declined 12% to roughly $106 million with $12.7 million exiting and the OI‑weighted funding rate turning negative.
- Spot demand held up, with $3.24 million bought early on December 23 and about $301 million accumulated over five days while the Accumulation/Distribution gauge stayed positive.
- NIGHT’s price dropped around 25% with an intraday low near $0.075 after a $1.81 peak, as profit‑taking coincided with a Bitcoin pullback below $87,700 and broader pressure on privacy coins.
- Trading has been concentrated via Binance Alpha’s airdrop channel at more than 61% of volume, and some investors speculate that official Binance or Coinbase listings could be next.