Toncoin’s open interest rose 32% after Pavel Durov’s arrest.
Telegram's messaging app, Toncoin (Ton), has been seen betting on its value after Telegram CEO Pavel Durov was arrested.
In the year On August 24, Durov was arrested when his plane landed at Bourget airport outside Paris. He has been charged with terrorism, human trafficking, conspiracy, fraud, money laundering and more.
A few hours after the reports, Toncoin's open interest (OI) jumped 32% to $303.09 million, according to CoinGlass data. Following the news, the price of a tonne fell, followed by a stampede of traders.
At the time of publication, the ton was at $5.71, down 14.71% since August 24, according to CoinMarketCap.
Futures traders seem to be slightly skewed towards short positions. Source: CoinGlass
OI is the total number of outstanding foreign contracts such as options or futures.
An increase in OI indicates greater confidence among traders in predicting the ton's price direction, either up or down.
Anonymous crypto trader Daan Crypto Trades predicted in an August 24 X post that most traders expect further declines.
“Most of these are undoubtedly shorts/hedges,” he added.
It's common for traders to take positions like this when fear and uncertainty enter the market, especially when it comes to our cryptocurrency token founders, executives or the wider company.
Traders predict that Durov will be released soon
He also said that the reason for Durov's arrest was that he personally thought he would be “released soon.”
However, 380,300 X warned his followers not to take the same short position, “Always be careful to catch a falling knife.”
Related: Toncoin's BARR breakout sets stage for 40% TON price rally.
“If it's going to be released, this ad should get a good squeeze. In the meantime, a few days of volatility and price action may be seen,” added Diane CryptoTrades.
Crypto trader Anup Dungana echoed the same sentiment, saying, “From a fundamental point of view, if Durov is resolved after scrutiny and international protests, there could be a higher-than-expected price increase.”
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