Aptos Soars More Than 30% With The Number Of Shorts Skyrocketing

Aptos (APT) has gained more than 30% in the last 24 hours following huge post-listing price decreases on major cryptocurrency exchanges such as Binance, FTX, and OKX.

The Aptos price increase occurred after several short-term traders were liquidated, a phenomenon known as a short squeeze. Many crypto exchanges had negative funding rates for APT until price movement to the upside created a flood of liquidations, forcing shorts to close and improving the crypto asset’s price.

The negative funding is thought to be the outcome of widespread hedging once Aptos launched on a less-than-receptive industry audience. Furthermore, the availability of perpetual swaps on several exchanges immediately following spot trading improved traders’ ability to get short exposure to the moving asset.

Aptos, which arose from the Facebook blockchain project Libra, has been one of the last week’s most talked about subjects in the blockchain and cryptocurrency industries. Its mainnet launched on October 17 and has been dubbed a Solana killer.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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