Attention is focusing on the scale of trading and the reasons behind KAIA's price rise following its listing on Upbit's KRW market. In particular, an analysis comparing spot trading volume with futures market liquidation figures has drawn notice, highlighting what kind of trading flows drove this rally.

Analysis by 'Ramz' Using Surf Cryptopedia

Crypto market participant 'Ramz' shared a post on X on the 10th examining KAIA's project features and market data in light of its Upbit listing. He explained that he used the Cryptopedia feature of Surf, an AI-based cryptocurrency information service, to analyze KAIA's technical characteristics and its market movements after the listing.

What Is KAIA, the Integrated Blockchain of Kakao and LINE Affiliates

KAIA is a blockchain launched through the merger of Klaytn, a Kakao-affiliated blockchain project, and Finschia, a LINE-affiliated blockchain. The post introduced KAIA's technical features, including a block finality speed of about one second and a function that allows transaction fees to be paid on behalf of users. These features were described as designed to reduce processing time and cost burdens when using blockchain services.

Anomaly Signal Score of 100... 'Short Squeeze Pressure Plus Spot-Led Rally' Cited

Notable figures were also presented in the market data. According to the post, KAIA's anomaly signal score provided by Surf stood at 100. However, the exact methodology and meaning of this score cannot be confirmed from the post alone.

As indicators explaining the rally, two analyses were presented together: 'short squeeze pressure' and a 'spot-led' move. A short squeeze refers to a phenomenon in which investors who took short positions expecting a price decline liquidate or unwind their positions as prices rise, generating additional buying pressure.

Short Liquidations of $2.54 Million, 2.08 Times Long Liquidations

The short position liquidation figure presented in the post was $2.54 million. In contrast, long position liquidations amounted to $1.22 million, meaning short liquidations were about 2.08 times larger than long liquidations. This shows that, during the measurement period, positions betting on a price decline faced relatively greater liquidation pressure.

Spot Trading Volume of $247 Million... 97 Times Short Liquidations

However, the post's author placed more weight on the possibility that the actual rally was driven by trading in the spot market. The combined spot trading volume on Upbit and Bithumb that he presented was about $247 million. This is roughly 97 times the short liquidation figure of $2.54 million, with short liquidations accounting for only about 1.03% of spot trading volume. Based on these figures, the author interpreted that spot trading, rather than short liquidation-driven upward pressure, likely played a larger role in this price movement.

"Hard to Conclude from Trading Volume Alone"... Points of Caution in Comparisons

However, spot trading volume includes both buy and sell trades. Therefore, a large trading volume alone cannot confirm the scale of net buying or the actual main driver of the price increase. Moreover, short liquidation figures and spot trading volume are indicators of different natures, so simple comparisons require caution.

Volatility May Expand Right After Listing... Trading Volume and Liquidation Flows Should Be Checked Together

The post also touched on the outlook for price movements after the listing. The author explained that it is necessary to examine the market situation after the sharp rise using Surf's sustainability outlook feature. The point is that during periods of concentrated trading following a new listing, price volatility can expand, so not only short-term gains but also trading volume and liquidation flows should be checked together.

What is noteworthy in this post is that it did not evaluate KAIA's post-listing movement as a mere price rise, but approached it by distinguishing between spot trading and liquidation data from the derivatives market. However, the figures presented are data compiled at specific points in time and may change depending on subsequent market conditions. Whether the concentrated trading seen after KAIA's Upbit KRW market listing will lead to sustained demand or remain a short-term increase in trading requires further confirmation through additional market data.

[This article was written based on a public X post and figures from the cryptocurrency analysis service introduced in that post. The trading volume, liquidation figures, and anomaly signal score are data presented by the post's author and have not been independently verified, and may vary depending on the time and criteria of measurement. Cryptocurrencies are high-risk investment assets with high price volatility. This article is not intended to encourage investment, and market outlooks may differ from actual results. Investment decisions and the responsibility for them rest with the investor. This article was written with the assistance of AI.]