Jito's JTO token has gained roughly 11% over the past few days, extending a 131% rally across the past 90 days, as investors weigh rising deposits and earnings against three straight days of spot-market selling. Perpetual traders keep leaning long, but the spot side remains the rally's weak point.
Jito Finance's JTO token has held up against the broader altcoin slump, gaining roughly 11% over the past few days. It is extending a run that has delivered 131% across the past 90 days. The advance now hinges on whether rising deposits and earnings can outweigh persistent selling on spot markets.
Rising deposits and earnings back the rally
Investor capital flowing into the protocol ranks among the factors behind the token's recent strength. Jito's Total Value Locked climbed by more than $44.12 million over the past three days, reaching $768.78 million at the time of writing. A rising TVL often signals investors holding a long-term outlook on price, while also expecting to earn the yield attached to the locked capital.
The protocol's own earnings data, which tracks gross profit excluding incentives, shows Jito has already booked roughly a third of its entire Q2 earnings just two months into Q3. Total earnings have reached $489,140, against $1.48 million booked through Q2, a solid mark for the protocol. Should Jito keep building on this pace, it would lend meaningful support to the token's price and help sustain the rally.
Perpetual traders keep leaning long
The perpetual market points to growing bullish appetite, with investors leaning long at a steady pace. Capital tracked across the past five days, three days, and 24 hours shows inflows outpacing outflows, at $109,920, $1.90 million, and $1.05 million. These inflows tend to support price when the funding rate climbs alongside them, and CoinGlass data showed the funding rate holding a moderately bullish 0.0062%, with perpetual capital at roughly $41.08 million, pointing to more long positions than short ones. Capital concentrating in favor of longs alongside a moderate perpetual inflow often suggests the market has not overheated and price could hold up.
Spot selling remains the caveat
A sustained price rally typically needs simultaneous inflows into both the perpetual market and the spot market, but spot data shows heavier selling as investors decline to hold the asset and instead take advantage of the rally to exit. The past day logged a spot netflow of $89,400, with the selling trend running for three consecutive days. Spot selling without matching demand from perpetual traders would eventually weigh on price in the near term.
Source: AMBCrypto
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