Worldcoin Price Plunges 11% as Capital Pullout Exacerbates Selling Pressure

Worldcoin's price has taken a significant hit, dropping by 11% in the early hours of September 24th. The decline is attributed to capital pullout from both Spot and perpetual markets.

The data shows that traders sold $280.92 million worth of WLD in the perpetual market over the past 24 hours, resulting in a netflow of negative $41.45 million. This indicates a significant imbalance between buying and selling pressure.

Similar trends are observed in the Spot market, where investors are pulling out capital as demand struggles to keep pace with selling pressure. The spot market saw massive inflows of WLD across multiple exchange venues, but still resulted in more sellers than buyers, putting downward pressure on the price.

The negative Funding Rate and heavier long liquidations exacerbate the downside risks for Worldcoin investors. While there was a recent recovery in funding rates, it does not confirm a bullish reversal as short positions still dominate overwhelmingly.