• Former OpenAI chief scientist Ilya Sutskever is launching SSI, which will focus on AI security issues. (AI Catalyst)
• $BNB - Binance has announced the launch of "HODLer Airdrops", a rewards program for BNB token holders, offering early access to new tokens.
• $ERN - Ethernity has announced their Layer 2 status page will be automated and live alongside the Testnet soon.
• $ETHFI - EtherFi DAO proposed using up to 50% of protocol revenue for ETHFI buybacks.
• $FRIEND - Friend.tech plans to open transfer functionality for the $FRIEND token in the coming weeks.
• $JTO - Jito has teased that the upcoming release of @convergent_so testnet, the first-ever LSD-backed stablecoin.
• $JUP - Jupiter CEO @weremeow has proposed reducing JUP supply by 30% and Team will be staking 100% of the 1st year cliff for 2 more years to ensure no supply shock.
• $MNDE - Marinade unveiled its Stake Auction Marketplace (SAM). A SAM simulation will be available for testing at the end of June.
• $MPL - Maple's Institutional DeFi platform, @syrupfi, is scheduled to launch on June 25.
• $SXP - Solar Enterprises will launch of Solar Card in August, offering virtual and physical crypto debit cards in 200+ countries.
• $TURBO - Turbo has teased a major $TURBO partnership announcement for June 25.
• Campaign insider denies any involvement of Trump's campaign in the $DJT Solana token, according to @DLNewsInfo.
• $MAGA has partnered with DWF Labs, while $MOTHER has formed a partnership with Wintermute.
Open Interest profiles can help us locate where the most positions in the trend's direction have opened and closed.
The idea is that in an uptrend, we are looking for where new long positions have entered, and in downtrends, we're looking for where new shorts have entered.
This is because these are the positions that will be defending price from moving in the opposite direction of the trend. They do this by stacking onto their positions, adding liquidity in the opposing direction, creating buy or sell walls.
Hence, we can assume that once the majority of new positions in a trend's direction become underwater when the price continuously trades above or below their short or long positions, they will likely look to partially or fully close their positions.
In return, they must open a position in the opposite direction, fueling momentum in the opposing direction of the trend.
Additionally, further momentum may occur, opposing the trend as fewer orders defend their positions in the books, making it easier for the price to move against the trend's direction.
In the image here, you can see an example of a downtrend weakness. The tool used is an Open Interest profile.
For uptrends, use long exit vs. new long, and for downtrends, use new short vs. short exit profiles.
Profiles work best in cases where there is a clear area where the majority of new positions have opened in the trend.