- Filecoin open interest rose 48% in dollars but only 25% in FIL, showing price gains drove much of the increase.
- Santiment recorded 128.8M FIL in open interest at 06:00 UTC on Sept. 14, above the 119.6M FIL daily figure.
- FIL fell to about $0.805 after briefly reaching $1.00-$1.03, remaining below its 50-day average but above its 200-day average.
Filecoin open interest rose sharply between Sept. 12 and Sept. 13, but Santiment Intelligence said price gains drove much of the increase. USD-denominated open interest climbed 48% to $113.9 million, while FIL rose 18%. Measured in FIL, open interest increased 25%, showing that added exposure accounted for only part of the headline move.
Dollar Open Interest Rises With FIL
Santiment said USD open interest increased from $76.6 million on Sept. 12 to $113.9 million on Sept. 13. However, FIL’s price also increased about 18% during the same period. Santiment therefore compared the figures using FIL rather than dollars.
Open interest increased from 95.5 million FIL to 119.6 million FIL, representing about 25% growth. Santiment said roughly half the headline increase came from revaluation. The remaining increase represented exposure that was not present two days earlier.
Open Interest Reaches a Later Peak
The daily figures did not capture the highest coin-denominated open interest during the period. Santiment recorded 128.8 million FIL at 06:00 UTC on Sept. 14. That level came after the 119.6 million FIL recorded at the Sept. 13 mark.
Notably, open exposure continued rising after the daily comparison. Meanwhile, the coin-denominated figures showed a smaller increase than the dollar measure.
FIL Pulls Back After September Rally
FIL recovered from its August low before the latest pullback. The token fell from above $1.20 in May to below $0.70 during August. The price later reached about $0.61 to $0.62. From late August, FIL formed higher lows and moved above the $0.75 region.
The rally accelerated above $0.90 and briefly reached about $1.00 to $1.03. However, heavy selling followed a volume spike, pushing FIL back to about $0.805. Current volume stands near 168.55 million FIL.
The 50-day moving average is at $0.847, while the 200-day average is at $0.757. FIL trades below the 50-day average but above the 200-day average. Immediate support sits around $0.80, followed by $0.757 and the $0.70 to $0.69 area.
