Analyzing Sei Market Dynamics Amidst Weekly Underperformance
Sei experienced a notable shift in its market dynamics this week, registering an 11.42% price decline following a robust 23.65% gain over the past 30 days. This recent downturn has positioned the asset in a phase of re-evaluation, particularly as it underperformed Bitcoin by 11.78% over the last seven days, contrasting its 26.33% outperformance in the preceding month.
Sei Price and Volatility Overview
The current market regime for Sei is characterized by a short-term price correction within a broader monthly uptrend. The asset's spot price stands at $0.06, representing a significant 94.68% drawdown from its all-time high. Realized volatility over seven days, at 73.72%, has decreased below its 90-day baseline of 84.87%, suggesting a moderation in price swings after a more volatile 30-day period (114.70%). Despite the recent underperformance against Bitcoin, the 30-day beta of 2.019 indicates that Sei tends to amplify Bitcoin's movements, a factor that contributed to its stronger performance over the past month. The correlation with Bitcoin over 30 days remains moderate at 0.5786, consistent with its 90-day average.
Metric | Value |
SEI Price | $0.06 (+1.06% 24h / -11.42% 7d / +23.65% 30d) |
Volume 24h | $46.2M |
Native Quote Vol. 24h | $1.1M |
Market Cap | $408.5M |
Market Cap Rank | 126 |
Circulating Supply | 6.73B SEI |
ATH Distance | 94.68% below ATH |
Metric | Value |
SEI/BTC Ratio | 0.00000100 |
Relative Perf. 7d vs BTC | -11.78% |
Relative Perf. 30d vs BTC | +26.33% |
Derivatives: Open Interest and Funding
Speculative positioning in Sei derivatives shows a contraction in exposure this week, with Open Interest decreasing by 9.24% over seven days to $0.014 billion. Despite this reduction, the current Open Interest remains above its 90-day baseline of $0.011 billion, indicating that overall leveraged participation is still elevated. The 30-day funding Z-score of -0.7070, below the 30-day average funding rate of 0.005810%, suggests a slight bearish bias or a reduction in long conviction among derivatives traders. Liquidation data reinforces this, with long liquidations accounting for 77.1% of the total $4.1 million in liquidations over the past seven days. While the 30-day average directional skew is balanced, the recent concentration of long liquidations points to pressure on bullish leveraged positions.
Metric | Value |
Funding Rate (current) | +0.0028% |
Funding Cumul. 7d | +0.0148% |
Open Interest | $0.01B (-9.24% 7d) |
Liq. 24h Longs | $0M |
Liq. 24h Shorts | $0M |
Liq. 7d Longs | $3M |
Liq. 7d Shorts | $1M |
Metric | Value |
Realized Vol 7d | +73.72% (90d avg: +84.87%) |
Realized Vol 30d | +114.70% |
Corr. BTC 30d | 0.5786 (90d avg: 0.5859) |
Beta vs BTC | 2.0190 |
Volume Momentum | 0.7856x |
Funding Z-Score 30d | -0.71σ |
Turnover Ratio | 0.1132 |
Liq. Intensity | 0.01013 |
Key Dynamics to Monitor
Several dynamics warrant monitoring in the coming week to assess the potential evolution of Sei market dynamics. A sustained period of underperformance against Bitcoin, particularly if accompanied by a weakening of its 30-day beta, would suggest a more significant decoupling from the broader market leader. Further contraction in Open Interest, especially if combined with persistently negative funding rates, could signal a broader deleveraging trend and a reduction in speculative interest. Additionally, the upcoming Unemployment Claims data on October 22nd, a macro event, could introduce external volatility, potentially interacting with the existing internal pressure on leveraged long positions.
Indicator | Value | Variation |
Broad Dollar Index | 121.60 | flat (7d) |
US 10Y Yield | 5.10% | -0.11pp (7d) |
Fed Balance Sheet | $6756B | +$8,079M (7d) |
M2 Money Supply | $23,343B | +$124.9B (1m) |
Fear & Greed | 59 (Greed) | +2 pts (7d) |
Fear & Greed Index: Alternative.me
Sei Weekly Takeaway
At week's close, Sei appears to be in a phase of absorbing recent gains and adjusting speculative positioning. The internal regime reflects a cooling of short-term volatility and a deleveraging trend in derivatives, particularly impacting long positions. While Open Interest remains above its longer-term baseline, the recent reduction and negative funding rate suggest a re-evaluation of bullish conviction. This combination of price consolidation and derivatives adjustment defines the current structural state, implying a market working through recent movements rather than establishing a clear directional impulse.
Disclaimer
This article provides a fundamental analysis of Sei based on available market data and does not constitute investment advice or a recommendation to buy or sell any asset.
