STRK’s 20% Rally Highlights Long Bias as Spot Flows Raise Concerns

Starknet’s STRK token climbed roughly 20% in 24 hours through Oct. 8, with derivatives activity pointing to a stronger long bias.

Long volume exceeded short volume across the 10 major exchanges tracked in the market data. Bybit recorded the highest long-volume share at 56%, while Bitunix recorded about 50.44%.

Perpetual contracts accounted for most of the trading activity cited in the analysis. The data showed $34.94 million in perpetual volume against $8.65 million in spot volume, producing a perpetual-to-spot ratio of 4.04.

Derivatives activity increased during the move. STRK’s funding rate rose from -0.0015% to 0.0055%, while open interest gained approximately $17.27 million over 24 hours. The combination suggests that new derivatives positions entered the market as the token advanced, although it does not establish whether the rally will continue.

Spot-market flows offered a more cautious signal. STRK recorded $367,000 in spot net inflows on Oct. 8, and cumulative netflows over the previous five days reached approximately $5.89 million. Those inflows may reflect profit-taking after the rally, but the data does not identify the traders or transactions behind them.

The next phase will likely depend on whether spot demand expands alongside derivatives positioning. If open interest and long exposure keep rising without a corresponding increase in spot buying, the rally could become more vulnerable to a leveraged reversal.