NIGHT Token experiences a duality of extremes: derivatives under pressure while spot remains strong. Is this pullback a bottom signal?

[Coin World] NIGHT's recent performance has indeed been very contradictory. There is obvious pressure on the derivation side — the open contracts have shrunk by 12%, with a net outflow of 12.7 million dollars. But turning to the Spot market, the enthusiasm of buyers has not diminished at all: the trading volume surged to 301 million dollars in 5 days, and this strength is real.

The market data looks a bit alarming. The 24-hour trading volume has halved by 50% to $3.97 billion, and the market cap has shrunk from $1.94 billion to $1.52 billion. If we say that no one is optimistic, the result is that the number of investors has actually risen to 6,500 – this is an interesting signal. More importantly, the liquidation heatmap did not show a dense breakout, indicating that while the shorts have reduced their positions, there hasn’t been a cascading effect.

From this perspective, the recent decline may indeed just be a technical adjustment, and the bottom risk is not significant.