Arbitrum Open Interest Falls 20.7% as Spot Price Rises 0.79%

Arbitrum (ARB) traded at $0.17, up 0.79% over 24 hours by 4:37 a.m. ET (09:37 UTC) Nov. 7, as futures open interest dropped 20.70%, showing a sharp contraction in active positioning.

Daily futures open interest stood at $32.69 million. The eight-hour funding rate was 0.0100%. The fall in open interest points to less futures positioning, while the account ratios and trading volumes offer a mixed picture of activity.

At 2 a.m. ET (07:00 UTC), 61.7% of accounts in Binance’s global futures cohort were long and 38.3% were short. Among top-trader accounts, 64.3% were long and 35.7% were short. Those figures count accounts in the measured groups.

Taker activity was close to balanced. The buy-sell ratio was 1.034, with buy volume of 4,002,681 against sell volume of 3,871,226, a slight edge for buying.

Daily technical readings were also mixed. The relative strength index was 47.40, while the MACD and signal line each stood at -0.0061, leaving the histogram at zero.

The immediate support level was $0.16 and immediate resistance was $0.17. Strong support was also listed at $0.16, with strong resistance at $0.18. The Bollinger Bands ranged from $0.15 to $0.19, and the daily average true range was $0.01.