FET Plummets 12% Amid Whale Selling Pressure

FET's price plummeted by 12% over the past day, mirroring the broader crypto market's decline. This drop is largely attributed to a significant capital outflow in FET's perpetual market, which saw a roughly 5% decrease and brought Open Interest (OI) down to $71 million.

This massive sell-off has put the market at risk, with strong market momentum driving the selloff. The rise in volume, up 97% from the previous day to $162 million, suggests that there will be more capital outflow ahead as bears continue to dominate the market.

However, spot traders have been accumulating FET over the past day, with net purchases totaling $8.9 million and a negative inflow of -$1.15 million. This buying trend is likely driven by investors seeing the recent decline as a discount for acquiring FET at a lower price level.