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Mantle [MNT] slid 11.4% on the daily charts, dropping to a low of $0.54 after giving up its $0.6 support level, according to Ambcrypto. The token was trading near $0.58 at the time of the report, and spot volume climbed 89% to $48 million as sell-side activity picked up.
Ambcrypto traced the move to the derivatives market rather than the spot market, where CoinGlass data showed open interest falling 14% to $50 million while derivatives volume rose 210% to $39 million. Falling open interest alongside rising volume points to leveraged positions being unwound rather than fresh bets being placed.
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Key facts
- Mantle fell 11.4% on the daily charts to a low of $0.54, losing its $0.6 support.
- Spot trading volume rose 89% to $48 million.
- Open interest dropped 14% to $50 million and derivatives volume rose 210% to $39 million, per CoinGlass.
- Mantle perpetuals sell volume on Bybit reached $4.2 million against $3.2 million in buy volume, per Coinalyze.
- Futures flows across tracked exchanges showed $14.7 million in outflows versus $10.7 million in inflows, pushing netflow down 1225% to 4 million.
Where the selling came from
The pressure was concentrated in leveraged products. On Bybit, Mantle perpetuals saw $4.2 million in sell volume against $3.2 million in buys, while futures across tracked exchanges recorded $14.7 million leaving against $10.7 million entering. The resulting futures netflow collapse of 1225% to 4 million is the clearest single indicator of traders exiting positions rather than holding through the drop.
Momentum indicators reflect the same picture. Mantle’s Relative Strength Index fell to 41, its sixth consecutive daily decline after a bearish crossover, a level that signals bears have displaced bulls.
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Spot buyers stay in
Spot flows moved the other way. Spot netflow has been negative for two weeks, meaning exchange outflows have consistently outpaced inflows. Over the past 24 hours it dropped to -$928K, with more than $10 million leaving exchanges.
That pattern differs from a full risk-off exit: coins are moving off exchanges rather than being dumped onto them, which means buyers on the spot side are still absorbing the pressure generated by the derivatives unwind.
Why it matters
Mantle’s drop is a derivatives-led move, not a spot-led one, and that distinction shapes how quickly the token can stabilise. When open interest falls sharply, the market is shedding leverage rather than adding new short exposure, which can be followed by calmer price action once unwinding finishes. At the same time, an RSI at 41 after six down days leaves the token in a weaker technical position than it held before the break of $0.6, and the negative spot netflow shows supply is still leaving exchanges.
What to watch
The two levels to track are $0.54, which the token has already touched, and $0.50 below it. On the other side, a spot-led recovery would need Mantle to reclaim $0.6 and close a daily candle above $0.63 to invalidate the bearish setup. Continued spot netflow outflows would also be a signal that buyers are still absorbing the remaining sell pressure.
This article is not financial advice. Cryptocurrency markets are volatile and prices can move sharply in either direction.
Reported by ambcrypto.com.
Source: AMBCrypto