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Crypto Storage Protocol Tokens Slide as Traders Short FileCoin and Storj
Filecoin saw record shorts over the weekend because it's down 28% over the past five days. Storj is down 20% in the same time period.
By Sam Reynolds
Updated Dec 19, 2022, 4:28 p.m. Published Dec 19, 2022, 7:36 a.m.
Short sellers were relentless on the tokens associated with storage protocols Filecoin and over the weekend, with record shorts being placed FIL.
FIL is down 28% over the past five days, with STORJ down 20%. Both have underperformed ether , which is down roughly 10% during the same time period.
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Data from CoinGlass points to record liquidations on long positions for FIL and STORJ as last week came to a close.
Nearly $5.7 million long FIL positions were liquidated on Dec. 16, according to CoinGlass, while $365,000 in STORJ long positions were also liquidated. , a similar protocol, also had $500,000 in long positions liquidated.
Open Interest data from CoinAlyze suggests the worst is yet to come, with an 11% jump in open interest during the last 24 hours to about $52 million. Continued negative funding rates indicate that this money is coming in to short.
Traders might be questioning the utility of storage protocols, which have a massive – and growing – storage capacity but no obvious use case to utilize it.
Filecoin says it has a capacity of 15.34 exbibytes, or 17.6 million terabytes, but lists storage of OpenSea non-fungible tokens (NFT) as one of its primary clients, raising questions about how much of its storage network is truly utilized.
On OpenSea, monthly volume dropped to $159 million from around $4.8 billion at the start of the year, a decline of about 97% and nearly reflective of Filecoin’s decline from $236, when it listed on April 1, to $3 today.
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