Whales Accumulate OP Despite Heavy Short Positioning

[bonk]

OP Liquidation Map. Source: Coinglass

Despite the sharp breakdown, large holders are actively accumulating. Wallets holding between 1 million and 10 million OP have added approximately 60 million tokens over the past month — worth around $8.4 million at current prices.

This accumulation suggests long-term conviction among whales, who often buy during capitulation phases. However, derivatives data show traders remain heavily skewed toward short exposure, with nearly $7.9 million positioned to benefit from continued downside.

As long as futures markets defend bearish momentum, upside attempts may struggle. Still, a shift in liquidity conditions driven by sustained whale accumulation could spark a rebound. Reclaiming the $0.181 level as support would invalidate the immediate bearish thesis and potentially mark the beginning of a stabilization phase.

[chainsniff]

base leaving the OP stack was basically the market’s villain origin story