ETHGas (GWEI) has become one of the standout tokens following the broader crypto rally over the past 24 hours. While the total market grew 1.72% to $2.15 trillion, GWEI grew 18%.
Several forces fueled this rise, the main one being a surge of capital from U.S. traders actively working the asset.
US Volume Leads GWEI Rally
US investors played a central role in this decision, contributing a large part to the token’s recent performance. Data from CoinMarketCap shows that GWEI’s daily volume reached $2.09 million, a new high for the period.
This figure exceeds the volume of other exchanges and represents approximately 12.59% of the token’s total volume, putting US offices at the top of the gain.
The concentration shows how much GWEI’s price action now relies on the US market, whose activity drives the token’s next direction.
Across all trading platforms, total trading volume climbed 9.53% to a high of $16.58 million at press time.
An increase in volume alongside a rise in price has always indicated bullish conditions, and the strength behind this move indicates firm momentum supporting the upside.
Patterns like this tend to persist in the short term, with a distinct set of factors shaping the long-term price picture.
Futures and spot markets move in opposite directions
The GWEI perpetual futures market tells a more cautious story, with a significant portion of capital funneled to the sell side and leaving the rally exposed.
The open interest-weighted funding rate, which measures whether positioning is bullish or bearish, turned negative at -0.38%, reinforcing the appeal toward short selling.
Spot markets moved in the other direction, with selling pressure collapsing from $16.48 million on June 29 to $805,100 at press time. A decrease in selling pressure like this indicates that more investors are choosing to hold the asset.
Net spot trading flow supports this with a slight gap of $26,370, marking barely more sellers than buyers over the past day.
Overall, the negative funding reading could mark the start of a short squeeze, with a group of sellers pushing the price lower to trigger stop losses before forcing a stronger move higher.
Liquidity clusters lie above price
GWEI’s chart leaves room for a decline, although a shallow order depth below current price would limit the extent of any decline.
Above price, the liquidation heatmap stacks the heaviest clusters, where order depth increases with greater weight. Levels like these tend to pull prices towards them over time.
Momentum still favors recovery, although orders remaining below price keep some downside risk on the table.
Final summary
- GWEI is up 18% in the past 24 hours as US trading desks brought daily volume to $2.09 million, or approximately 12.59% of the token’s turnover.
- Perpetual futures are showing a more cautious picture, with a funding rate of -0.38% suggesting the move may be an early squeeze rather than lasting strength.
