Aptos contract open interest hits a three-month high! Collaboration with Microsoft seen as a positive, attracting bears to enter the market.

The emerging public blockchain Aptos recently announced "collaboration" with Microsoft, but this common tactic was exposed by the crypto community, attracting a large number of investors to short APT, causing the open interest in the contract to reach a new high in nearly three months.

APT Caught the Attention of the Air Force

Aptos announced yesterday a "partnership" with Microsoft. In addition to adopting Microsoft Azure OpenAI services to provide AI chatbots, they also plan to launch various functions such as asset tokenization and payments. They will also run verification nodes on Azure to enhance the reliability and security of Aptos.

Full content: Buying Microsoft services leads to price increase? Aptos purchases Microsoft AI services, APT surges by 12%

Although this "positive" news led to a 12% increase in APT, it also made APT a target for short sellers.

Contract Unfilled Volume Hits a Three-Month High, APT Gradually Declining

It is common for public chain teams to publicize "partnerships" by purchasing cloud services from Google, Microsoft, Amazon to set up nodes, but the savvy crypto community knows that these are mostly self-promotion. Tech giants like Microsoft and Google are indifferent to such collaborations. In this case, Microsoft's Twitter account completely ignored the relevant news, and didn't even retweet it.

According to a report by Decrypt, after observing data from the platform Coinglass, it was found that APT's contract unfilled volume has hit a new three-month high, reaching $160 million at one point yesterday.

From the funding rate reaching -0.039%, it is evident that there are significantly more short positions in the market than long positions.

However, the contract unfilled volume has slightly decreased to $146 million today, and the funding rate has returned to normal levels.

Furthermore, according to Token Unlock data, APT will unlock 4.54 million tokens on 8/12, accounting for approximately 2.06% of the circulating supply. Although these tokens are distributed to the Aptos Foundation and the community, it may also have some impact on the community's bearish sentiment.

After the announcement of the partnership with Microsoft, the price of APT significantly increased, but this increase has gradually declined. Strong selling pressure has caused APT to drop by about 3.4% in a single day, with the price at $7 at the time of writing.