PROM’s rally has a catch – And it’s hiding in the Spot market

Prom [PROM] began the day on a bullish note, with the asset making a higher high on the chart as it surged 14%. There is still potential for further gains, adding to the cumulative gain of 228% over the past 90 days. Right now, despite the bullish momentum in the market, the chances of a drop remain, as Spot flows and the slim gap between liquidated capital call for caution. Capital inflows support PROM’s rally Capital rotating into the market over the past 24 hours has contributed to PROM’s overall performance. The perpetual market recorded an additional $6.6 million in inflows as Open Interest jumped to around $19.33 million. Open Interest measures the total value of outstanding positions in an asset’s perpetual contracts.

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