Onyxcoin [XCN] emerged as one of the market's top performers over the past 24 hours, posting gains of more than 50% as underlying fundamentals strengthened. According to reports from AMBCrypto, investors recorded one of their largest buying sprees in over a year, driving net inflows of approximately $1.74 million over the past day. The surge in capital inflow, particularly after a prolonged lull, points to renewed conviction among market participants. Part of this demand may be linked to increased staking activity, with more than 6.3 billion XCN locked over the same period.
Sentiment indicators further reinforce the positive trend, with 82% of tracked participants currently holding a bullish bias, up from 72% just a day earlier, as reported by AMBCrypto. At the time of writing, the number of XCN holders has climbed to a new yearly high, surpassing 146,940 addresses, with most of the expansion occurring throughout April. This steady increase suggests broadening adoption and sustained investor interest. The Accumulation/Distribution indicator continues to trend upward, highlighting persistent buying pressure over the past 24 hours.
Despite the strength in spot markets, derivatives traders are increasingly betting against the rally with Funding Rates across perpetual contracts remaining deeply negative at -4.5009% as of writing, according to AMBCrypto. This dynamic typically reflects dominant bearish sentiment. Open Interest (OI) has risen sharply, surging by more than 200% to $6.35 million, suggesting that traders are not only holding but actively adding to their short exposure. The parallel rise in OI and negative Funding Rates underscores strong conviction among bearish traders.
The divergence between spot demand and derivatives positioning remains critical for XCN's future trajectory, as noted by AMBCrypto. Historically, strong fundamental backing can absorb selling pressure and limit downside, even when short interest builds aggressively. However, the asset remains in negative territory, leaving it under sustained pressure. The combination of strong spot-driven demand and improving fundamentals continues to support XCN's upside momentum, while the growing bearish positioning in derivatives markets presents potential headwinds for further gains.
