MERL surges 16% in a single day: perpetual contracts are booming, but liquidation risk is brewing

PriceOracleFairy · 2025-12-13T22:20:14+00:00

【CryptoWorld】Bitcoin's Layer 2 ecosystem has been quite hot recently. Merlin Chain's MERL has been on a steady rise, with a single-day increase of 16%. The driving force behind this market trend is not spot trading but the "agitation" in the derivatives market.Perpetual contracts are significantly gaining popularity. Yesterday alone, there was a $27 million inflow, and the open interest soared to $75.79 million, hitting the highest level in the project's history. Holder enthusiasm has also been ignited, with the number of holders reaching 173,800, and this growth rate is quite rapid.Spot holdings are also gradually increasing, but the outflow of tokens from exchanges remains around $700,000, showing no signs of large-scale sell-offs. The buy-sell ratio is also quite decent, indicating bullish sentiment, which is a positive signal.However, the clarity isn't that high. Looking at the liquidation heatmap, most of the flow

PriceOracleFairy

2025-12-13 22:20:14

【Crypto World】The recent popularity of Bitcoin’s Layer 2 ecosystem is quite high. Merlin Chain’s MERL has recently been on a steady rise, with a 16% increase in a single day. The driving force behind this market trend is not the spot market, but the “agitation” in the derivatives market.

The popularity of perpetual contracts has clearly increased. Yesterday alone, there was a $27 million inflow, and the open interest soared to $75.79 million, which is already the highest level in the project’s history. The enthusiasm of holders has also been ignited, with the number of holders reaching 173,800, and this growth rate is quite rapid.

The spot holdings are also gradually increasing, but the outflow of chips from exchanges has remained around $700,000, indicating that there hasn’t been a large-scale sell-off. The buy-sell ratio is also pretty good, and bullish sentiment is evident, which are all positive signals.

However, the clarity is not that high. Looking at the liquidation heatmap, most of the liquidity is actually stacked below the current price, which means that if the price breaks downward, a chain reaction could occur. The short-term gains are good, but there are hidden downside risks in this structure. Be cautious to avoid losses.

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DataBartender

· 2025-12-16 19:54

The contract is so powerful, but I feel like it's disconnected from spot trading... Playing like this will eventually lead to losses.

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MissingSats

· 2025-12-15 14:40

The recent contract move is quite aggressive, with open interest reaching 75.79 million, hitting a new high. It feels like leverage is driving the market. Looking at the liquidation chart, it's clear that there's danger. Such sharp increases are often a trap. The number of holders suddenly surged to over 170,000. It all feels too fast. Spot outflows are only 700,000, which isn't much, but with derivatives so hot, a correction is inevitable. Don't just look at the price increase; the rules of perpetual contracts are designed to harvest leveraged traders. This wave of MERL is a bit overheated, so it's better to be cautious in the short term. The high enthusiasm for derivatives actually makes me a bit worried; it feels like risks are accumulating.

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AirdropHustler

· 2025-12-14 23:06

The contract quickly reached a new all-time high at a high level, which is a bit risky. I'll just observe for now.

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FlashLoanLord

· 2025-12-13 22:50

The contract is indeed popular, but looking at the liquidation chart, it's a bit frightening. Can we still chase this wave?

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GweiWatcher

· 2025-12-13 22:50

The pace of contract orders exploding is really intense this time

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NFTBlackHole

· 2025-12-13 22:50

Perpetual contracts are so fierce, with $75.79 million in open interest... It feels like a liquidation show is about to begin. --- This growth rate is a bit suspicious; over 170,000 holders suddenly rushing in. Are they really just bagholders? --- The booming of contracts is a double-edged sword. Can MERL land smoothly this time? --- A 16% increase sounds great, but everyone is playing in futures; spot holdings are the real gold and silver. --- It's the same old trick, explosive derivatives, no follow-through in spot, liquidations waiting to take over. --- 173,800 people? That number is swelling too fast; it feels risky. --- The liquidation heatmap isn't even fully explained; there are many secrets behind it. --- Perpetual contracts generate $27 million daily, much more active than spot trading.

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ApeDegen

· 2025-12-13 22:44

Contracts are really getting risky with such popularity, and the open interest at historical highs... a correction is inevitable sooner or later.

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AirdropHuntress

· 2025-12-13 22:30

The accumulation of derivatives to this level is definitely brewing settlement pressure... Data shows the number of holders has surged to over 170,000, and this growth rate seems a bit off. The retail investors' involvement feels a bit too strong.

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ShibaSunglasses

· 2025-12-13 22:29

With such a huge contract volume, a liquidation is bound to happen sooner or later.

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