SAGA contract OI/market capitalization ratio rose to 2.48, with contract OI increasing by over 43% in the past 24 hours.

According to Coinglass data, as of 14:13 Beijing time on May 26th, the total open interest of SAGA futures contracts was approximately $21.72 million, with a circulating market capitalization of approximately $8.77 million, resulting in an OI/market capitalization ratio of approximately 2.48. In the past 24 hours, SAGA futures OI increased by approximately 43.1%, while the price rose by approximately 10.6%. The current weighted funding rate is approximately +0.0074%, within a relatively moderate range. This structure indicates that SAGA derivatives positions are significantly crowded relative to the spot market capitalization, increasing short-term volatility risk. It is important to note that a high OI/market capitalization ratio does not necessarily indicate a one-sided bullish/bearish trend and could potentially trigger sharp liquidations in both long and short positions.