Onyxcoin surges 50% on strong spot demand despite bearish bets in derivatives market

Onyxcoin (XCN) gained over 50% in 24 hours driven by strong spot market demand and increased staking, with net inflows hitting $1.74 million. Holder numbers reached a yearly high, signaling growing adoption, while sentiment turned more bullish. However, derivatives traders are increasingly shorting XCN, with negative funding rates and rising open interest indicating strong bearish conviction. This divergence suggests fundamental strength may limit downside despite heavy short positions.