The post PIPPIN slides 37% as $43mln exits the market – What’s going on? appeared on BitcoinEthereumNews.com.

Pippin [PIPPIN] saw a sharp sell-off as prices dropped roughly 37% over the past 24 hours. The decline coincided with a $43 million drop in Open Interest, signaling a wave of position closures. Such a sharp contraction often reflects traders exiting leveraged positions during falling prices. That shift suggested derivatives traders rapidly unwound bullish bets. Source: CoinGlass Open interest collapse signals position unwinding Usually, a steep fall in Open Interest reflects aggressive position closures. When Open Interest drops alongside price, long positions are often forced out of the market. That pattern indicated weakening bullish conviction across derivatives markets. As a result, selling pressure intensified across PIPPIN’s structure. Even so, the scale of the liquidation wave suggested leveraged longs absorbed the majority of the damage. Trading volume spike raises concern By contrast, Trading Volume surged sharply during the same period. AMBCrypto’s analysis showed PIPPIN’s Trading Volume jumped by roughly $340 million. At first glance, high volume suggests strong participation. However, Funding Rates indicate seller dominance. This implies the spike may be driven largely by aggressive sell orders rather than accumulation. Source: CoinGlass Technical structure turns bearish On the daily chart, PIPPIN’s market structure turned bearish. Lower highs and lower lows now defined the prevailing trend. Price accelerated toward a key demand zone near $0.185. This area could trigger a short-term reaction from buyers. However, persistent selling pressure could weaken any bounce attempt. PIPPIN also traded below its Exponential Moving Average, reinforcing the bearish outlook. Source: TradingView What’s on the cards for Pippin As it stands, market structure continues to favor the bears. The recent 37% daily decline intensified distribution pressure across the token. On the derivatives side, the $43 million Open Interest drop reinforced signs of capital exiting positions. That move aligned with declining Funding Rates and persistent sell-side pressure. If…

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Filed under: News - @ March 5, 2026 2:21 am