Humanity Protocol’s [H] latest surge over the last 48 hours or so has allowed it to register gains of over 12%. Given how strong the rally has been, the altcoin could be set to continue in that direction.
In fact, this has been a month-long run that has stretched the total gains to a cumulative 29%. This is a complete turnaround from the year-long loss percentage of 46%.
One of the key reasons behind the asset’s recent performances remains tied to what top exchanges have been contributing.
Are top exchanges betting long?
Traders across top exchanges have shown net bullish interest, and that has added fuel to the rally.
The long-to-short ratio, which tracks exchange volume in the perpetual market for H, revealed that there has been more long volume than short volume in the market.
Long-volume dominance takes hold once the indicator reads above 1.
A look at the chart revealed that Binance had a reading of 1.926 while OKX hit 2.42. That significant disparity above 1 hinted at stronger buying volume, measured by account size in the market.
The broader exchange data also showed that there is still slightly more long volume, with a reading edging to 1.02 when tracked across multiple crypto exchanges.
Capital left in the market is tighter
Additionally, the capital concentration, which shows where most of the money in the market is tilted, hinted at the bulls.
The open-interest-weighted funding rate is the measure used here. At the time of writing, Open Interest had surged to 11% with figures of $53.83 million on the chart.
At the same time, the funding rate had climbed to 0.0221%, implying that bulls were still active and that the market is likely to hold its press time position.
The surge in Open Interest, alongside the funding rate in the H market, implied that fresh capital moving into the perpetual market has been positive.
A gradual accumulation in the Spot market?
According to Coinglass, the netflow totalled $403,000 this week alone. On 12 August, for instance, the netflow brought the running total to $108,000 in accumulation.
Spot traders buying the asset, combined with positive inflows from the perpetual market, suggested H’s price is likely to sustain its present run. In fact, it might see see more gains over the next couple of days.
Final Summary
- Humanity Protocol’s H gained by 29% in a month as bullish positioning across Binance and OKX supported the rally.
- Hike in Open Interest, positive funding rates, and spot accumulation hinted at buying interest among traders.
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