Market Trends Suggest a Bearish View on Aptos
The open interest (OI) volume for APT futures has reached a three-month high, indicating a surge in outstanding futures orders. This increase in price and OI volumes follows a new AI partnership with Microsoft. Aptos, a layer-1 blockchain platform, plans to use Microsoft Azure to introduce new AI-powered blockchain tools, starting with an Aptos Assistant chatbot. However, many traders are already shorting the APT token, discounting its recent bullish move. Futures positioning data shows a strong short inclination, as indicated by the negative spike in the APT funding rate accompanied by an OI volume spike.
Key Points:
- The open interest volume for APT futures has surged to a three-month high.
- Aptos has formed a partnership with Microsoft to leverage AI-powered blockchain tools.
- The APT price spiked by 17.5% after the announcement of the partnership.
- Traders are shorting the APT token and criticizing the partnership as a paid service.
- Futures positioning data shows a strong short inclination.
Hot Take:
The market trends and traders’ actions suggest a bearish sentiment towards Aptos. Despite the new partnership with Microsoft, many traders are skeptical about the token’s bullish move and are actively shorting it. The negative funding rate for APT and the spike in OI volume further support this bearish view. It remains to be seen how Aptos will address these concerns and regain market confidence.
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