SAGA Contract OI/Market Cap Ratio Rises to 2.48, Contract OI Surges Over 43% in 24 Hours

BlockBeats News, May 26th, according to Coinglass data, as of May 26th 14:13 Beijing time, the total open interest of the SAGA contract was approximately $21.72 million, with a circulating market cap of around $8.77 million, and the OI/Market Cap ratio rose to about 2.48.

In the past 24 hours, the SAGA contract's OI has increased by about 43.1%, the price has risen by approximately 10.6%, and the current weighted funding rate is around +0.0074%, in a relatively moderate range.

This structure indicates that the SAGA derivative position is significantly crowded relative to the spot market value, increasing the short-term volatility risk. It is important to note that high OI/Market Cap does not necessarily mean a one-way bullish/bearish sentiment, and may also trigger intense liquidation in both directions.