GMT fluctuated 49.3% in 24 hours: Surge in futures open interest drives sharp price volatility
Bitget Pulse2026/05/23 13:23Brief Overview of Volatility
The price of GMT experienced extreme volatility over the past 24 hours, currently quoted at $0.01344, with a 24-hour high of $0.01500 and a low of $0.01005, marking an amplitude of 49.3%. Multi-source data indicate that the price saw single-day gains of over 16%-20% within the same period, with some intervals witnessing nearly 30% spikes in just two hours, accompanied by a significant surge in trading volume (24-hour trading volume exceeding $120 million on some platforms).
Analysis of the Causes of Abnormal Price Movement
The primary direct driver of this price movement is dynamics in the derivatives market: Open Interest in futures soared notably to over $30 million, triggering speculative buying and propelling the price up rapidly.
Additionally, routine measures such as suspension of GMT deposits and withdrawals by exchanges like Upbit around the time of the Polygon network hard fork on May 21 may have intensified short-term liquidity fluctuations, but did not constitute the core driving factor.
There have been no new major announcements or whale transfers on-chain or at the official level, and community discussions have mainly focused on routine STEPN activities and rewards, with no hot events directly linked to this price swing observed.
Market Opinions and Outlook
Mainstream market sentiment is inclined toward short-term speculative drivers. Analysts are watching the amplification effect of futures open interest on spot prices and remind market participants to be vigilant for swift pullback risks in a high-volatility environment. Some platform data indicates high trading volumes accompanying price increases, suggesting capital inflows, though the sustainability remains to be seen; most community viewpoints center on the long-term development of the STEPN ecosystem and maintain a cautious, wait-and-see approach to short-term volatility.
(The above analysis is based on public market data and news, strictly limited to information available in the past 24 hours.)
Note: This analysis is automatically generated by AI based on public data and on-chain monitoring, for informational purposes only.Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The ultimate bottleneck for AI is not just electricity, but also the electricity bill! As data centers become a focus in the US elections, AI infrastructure investment faces a "ballot stress test"
In 2026, data center spending, as the backbone of the artificial intelligence industry, will reach a record high. However, alongside the boom in infrastructure construction, opposition to data centers has risen sharply this year. What started as a localized issue has quickly evolved into a key topic for the November midterm elections.
Eurozone Bond Yields Rise as Brent Touches $100; 10-Year Bund Yield Hits 15-Year High -- Update
From AI to gold and U.S. Treasury bonds: almost everything is surging to new highs, the market welcomes “Everything High”
AI capital expenditure and corporate earnings expectations continue to rise, while energy, gold, US Treasury yields, and market positions are also climbing. On the surface, this suggests a comprehensive increase in growth and risk appetite; however, when inflation, interest rates, and crowded trades are all at high levels, the market's tolerance for the sustainability of the AI boom is also narrowing.
Trump pushes Fed to cut rates, but Waller may go the opposite way: Next week’s meeting faces a “three-way choice”
Bloomberg columnist Claudia Sahm believes that as Trump continues to pressure for rate cuts while inflation remains well above the 2% target, raising rates is becoming an option again, leaving Waller facing a tough decision next week. The Federal Reserve has three paths: raising rates without Waller’s support, which could trigger rare internal divisions; holding steady, which may invite criticism of political interference; or Waller leading a rate hike, which could withstand White House pressure and defend policy independence.
Crypto prices
More
