On the morning of January 11, 2026, the market experienced rapid fluctuations, with multiple cryptocurrencies showing significant price volatility within a short period. A relatively concentrated upward trend emerged among the gainers, with the leading performers standing out prominently.

**Gainers List Analysis**
HYPER performed the best, with a 17.11% increase within one hour, rising from $0.1239 to $0.1451, a gain of $0.0212. This surge was accompanied by substantial trading volume, with spot volume reaching 284.77 times, and futures volume also showing a 216.98-fold increase. From the long-short positioning perspective, bulls held a clear advantage, with a long-short ratio of 1.81, indicating a bullish market sentiment. However, the futures order book showed buy pressure at 1.04 times, which warrants attention to subsequent support strength.
PIEVERSE increased by 6.18%, from $0.4948 to $0.5254, a difference of $0.0306. This token's situation is somewhat unique; the futures order book shows high pressure at 1.41 times, but the long-short ratio is only 0.78, with bears holding the advantage. The funding rate is -1.2512%, indicating active short positions, and the market is issuing a "crowded short" warning, suggesting caution for potential rebounds triggered by short liquidations.
AKT rose by 5.79%, from $0.477 to $0.5046, a gain of $0.0276. The futures volume is as high as 18.58 times, making it one of the most actively traded tokens in this upward move. The long-short ratio of 1.90 indicates that bulls are in control, with buy pressure in the futures order book at 1.27 times, reflecting a generally bullish atmosphere.
CLO and POLYX gained 5.17% and 4.98%, respectively, with moderate increases but attracting capital participation. CLO's futures order book shows the highest buy pressure at 1.63 times, hinting at potential short-term profit-taking pressure. POLYX, characterized by balanced spot and futures volume, has a long-short ratio of 1.80, demonstrating bullish confidence.
**Losers List Observation**
BIFI led the decline, dropping 7.69% within one hour, from $219.7 to $202.8, a decrease of $16.90. This is a signal token indicating "continuous listing, suspected major trend initiation," possibly foreshadowing market volatility ahead. Spot volume is only 0.59 times, with relatively light trading, and buy pressure is only 0.22 times, indicating active selling.
PIPPIN fell by 5.51%, also marked as a continuously listed token. It declined from $0.3935 to $0.3718, a drop of $0.0217. Interestingly, the futures long-short ratio is 0.65, favoring bears, with a funding rate of -0.0159%, which is low. This is similar to PIEVERSE—bears are actively building positions at higher prices.
Mainstream tokens like EGLD and ID also experienced 2-3% adjustments. EGLD's spot volume remains high at 15.90 times, but order book buy pressure is only 0.03 times, indicating waning willingness to buy. ID faces similar difficulties in support.
**Market Insights**
This short-term divergence between gains and losses reflects differing market participant expectations for the near future. Most tokens on the gainers list have bullish dominance and negative funding rates, indicating a bullish outlook but also the accumulation of short positions. Under this structure, short-term liquidations can be triggered easily. Especially for tokens like PIEVERSE and PIPPIN, which have issued clear warnings, a reversal above certain levels could lead to concentrated short liquidations, potentially causing larger rebounds.
On the losers list, tokens like BIFI and PIPPIN, which have appeared repeatedly, may signal that the market is brewing a turning point. Traders should closely monitor trading volume and order book changes for these tokens to catch potential major market signals.