CRV Plummets 13% Amid Aggressive Selling and Bearish Pressure

Curve DAO (CRV) has taken a beating in the market, plummeting by 13% as of September 16th. The sell-off is being driven by bears who are aggressively selling the asset. This price drop coincides with a significant surge in on-chain activity, with active addresses and transactions reaching new highs.

According to DeFiLlama data, active addresses reached approximately 5,868, while transactions grew to 45,536 at the same time. On-chain volume also hit a high of $167.9 million, marking the second-highest level since September 3rd. However, this surge in volume suggests that traders are selling more aggressively in the market.

The disparity between short and long liquidation capital is another key indicator of bearish pressure. CoinGlass data shows that long liquidations reached $885,550 compared to short liquidations at roughly $71,550, a ten-times liquidation disparity. This wide gap often hints that sellers in the market are likely to hold more profit than traders betting long, adding to the overall downside pressure on CRV.

Funding Rate data also shows a heavy skew in favor of shorts over the past 24 hours in the market. The Funding Rate had declined from 0.0097% on September 15th to -0.0046% as selling pressure continues to build and weigh on price.