{"id":548918,"date":"2025-11-26T08:30:51","date_gmt":"2025-11-26T03:00:51","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=548918"},"modified":"2025-11-25T17:30:42","modified_gmt":"2025-11-25T12:00:42","slug":"kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/","title":{"rendered":"Kaspa rally powered by leverage, not users \u2013 Is a KAS pullback ahead?"},"content":{"rendered":"

Key Takeaways<\/strong><\/h2>\n

What is driving Kaspa\u2019s recent rally?\u00a0<\/em><\/h3>\n

Derivative inflows, with open interest surging 42% in 24 hours, are fueling the momentum.<\/span><\/p>\n

Does on-chain data support the rally?\u00a0<\/span><\/em><\/h3>\n

No, declining active addresses and weak UTXO signals suggest caution and potential downside risk.<\/span><\/p>\n

\n

Kaspa [KAS], the layer-1 blockchain token, has been on investors\u2019 watchlists as it records this new capital inflow.<\/p>\n

The momentum, largely driven by derivatives, does not align with several on-chain factors, signaling that a potential decline is increasingly visible.<\/p>\n

Derivative inflows spark the rally<\/strong><\/h2>\n

Kaspa’s<\/a>\u00a0derivative market has seen a major surge in inflows, as recorded through open interest over the past day.<\/p>\n

At press time, Open Interest (OI), which assigns a dollar value to liquidity circulating in the derivatives market, showed<\/a> that Kaspa’s $66.92 million valuation represents a 42% increase in just 24 hours.<\/p>\n

Of the additional $27.9 million added, most were controlled by bullish investors, as reflected in the positive OI Weighted Funding Rate of 0.0035%.<\/p>\n

\"KAS<\/a>
Source: CoinGlass<\/figcaption><\/figure>\n

A positive weighted average indicates that most circulating funds come from investors opening new contracts in anticipation of a rally.<\/p>\n

This surge comes with a caution: when a rally is driven by high leverage rather than broader market momentum, prices face the risk of a sharp decline.<\/p>\n

On-chain data doesn\u2019t support KAS<\/strong><\/h2>\n

On-chain data, which tracks user interactions with Kaspa, signals caution in the market.<\/p>\n

The most notable indicator is the Unspent Transaction Output (UTXO), which measures cryptocurrency received in a blockchain transaction but not yet spent in subsequent transactions.<\/p>\n

A positive UTXO reading suggests accumulation, while a negative reading indicates distribution, signaling that investors are unwilling to hold the asset.<\/p>\n

\"\"<\/a>
Source: Kaspalytics<\/figcaption><\/figure>\n

Active addresses have fallen sharply. Kaspalytics reports that unique addresses dropped from 513,110 on the the 11th of November to just 11,770, at press time, a decline of about 97.72%\u00a0<\/span><\/p>\n

This indicates weakening investor confidence in the token\u2019s long-term prospects.<\/span><\/p>\n

At the same time, both account balances and network activity have decreased, showing that investors are cautious and casting doubt on the sustainability of KAS\u2019s recent rally.<\/span><\/p>\n

Decline, but consolidation remains<\/strong><\/h2>\n

The risk of a decline is also visible in the spot market, as retail investors pull out.<\/p>\n

Over the last 48 hours, investors sold roughly $1.3 million worth of KAS. However, to assess long-term impact, AMBCrypto analyzed non-zero KAS wallets.<\/p>\n

\"Address<\/a>
Source: Kaspalytics<\/figcaption><\/figure>\n

Despite recent sell-offs, non-zero balances have remained largely stable. Kaspalytics reports that 54.84 million addresses continue to hold KAS, maintaining this level since the 1st of November.<\/p>\n

This stability suggests that even if momentum weakens in upcoming trading sessions, a dramatic drop in KAS is unlikely.<\/p>\n","protected":false},"excerpt":{"rendered":"

Here’s why KAS rally could be short-term. <\/p>\n","protected":false},"author":101,"featured_media":548928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-548918","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nKaspa rally powered by leverage, not users \u2013 Is a KAS pullback ahead? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Kaspa KAS sees a derivative-driven rally, but declining on-chain activity and active addresses signal caution for investors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kaspa rally powered by leverage, not users \u2013 Is a KAS pullback ahead? - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Here's why KAS rally could be short-term.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-26T03:00:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/11\/Abdul-6-2.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Olayiwola Dolapo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/x.com\/dolapolai\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Olayiwola Dolapo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"AnalysisNewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/\"},\"author\":{\"name\":\"Olayiwola Dolapo\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/8e172c81209a80a8325f773bd6447a30\"},\"headline\":\"Kaspa rally powered by leverage, not users \u2013 Is a KAS pullback ahead?\",\"datePublished\":\"2025-11-26T03:00:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/\"},\"wordCount\":460,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/Abdul-6-2.webp\",\"articleSection\":[\"Altcoin\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/#respond\"]}],\"copyrightYear\":\"2025\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/\",\"name\":\"Kaspa rally powered by leverage, not users \u2013 Is a KAS pullback ahead? - AMBCrypto\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/Abdul-6-2.webp\",\"datePublished\":\"2025-11-26T03:00:51+00:00\",\"description\":\"Kaspa KAS sees a derivative-driven rally, but declining on-chain activity and active addresses signal caution for investors.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\\\/#primaryimage\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/Abdul-6-2.webp\",\"contentUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/Abdul-6-2.webp\",\"width\":1920,\"height\":1080,\"caption\":\"KAS rally faces scrutiny as derivatives surge outpaces on-chain activity\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#website\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/\",\"name\":\"AMBCrypto\",\"description\":\"Stay Ahead!\",\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"alternateName\":\"AMBCrypto News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/ambcrypto.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\",\"name\":\"AMBCrypto\",\"alternateName\":\"AMBCrypto News\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2026\\\/04\\\/amb-wide.jpg\",\"width\":600,\"height\":60,\"caption\":\"AMBCrypto\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/cryptoamb\",\"https:\\\/\\\/x.com\\\/CryptoAmb\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/13629485\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/8e172c81209a80a8325f773bd6447a30\",\"name\":\"Olayiwola Dolapo\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Image_20240813_070537_637-e1723616062313-100x100.jpeg\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Image_20240813_070537_637-e1723616062313-100x100.jpeg\",\"contentUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Image_20240813_070537_637-e1723616062313-100x100.jpeg\",\"caption\":\"Olayiwola Dolapo\"},\"description\":\"Olayiwola Dolapo is a Crypto Research Analyst at AMBCrypto, driven by a mission to make the digital asset space more transparent and understandable for all. His journey was catalyzed by an early experience in the market that underscored the importance of deep, foundational knowledge\u2014a principle that now guides his professional work.\",\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/in\\\/olayiwola-dolapo-b42926194\\\/\",\"https:\\\/\\\/x.com\\\/https:\\\/\\\/x.com\\\/dolapolai\"],\"url\":\"https:\\\/\\\/ambcrypto.com\\\/author\\\/oladol\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Kaspa rally powered by leverage, not users \u2013 Is a KAS pullback ahead? - AMBCrypto","description":"Kaspa KAS sees a derivative-driven rally, but declining on-chain activity and active addresses signal caution for investors.","robots":{"index":"index","follow":"follow","max-image-preview":"max-image-preview:large"},"canonical":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/","og_locale":"en_US","og_type":"article","og_title":"Kaspa rally powered by leverage, not users \u2013 Is a KAS pullback ahead? - AMBCrypto","og_description":"Here's why KAS rally could be short-term.","og_url":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/","og_site_name":"AMBCrypto","article_publisher":"https:\/\/www.facebook.com\/cryptoamb","article_published_time":"2025-11-26T03:00:51+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/11\/Abdul-6-2.webp","type":"image\/webp"}],"author":"Olayiwola Dolapo","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/x.com\/dolapolai","twitter_site":"@CryptoAmb","twitter_misc":{"Written by":"Olayiwola Dolapo","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"AnalysisNewsArticle","@id":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/#article","isPartOf":{"@id":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/"},"author":{"name":"Olayiwola Dolapo","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/8e172c81209a80a8325f773bd6447a30"},"headline":"Kaspa rally powered by leverage, not users \u2013 Is a KAS pullback ahead?","datePublished":"2025-11-26T03:00:51+00:00","mainEntityOfPage":{"@id":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/"},"wordCount":460,"commentCount":0,"publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"image":{"@id":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/#primaryimage"},"thumbnailUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/11\/Abdul-6-2.webp","articleSection":["Altcoin","News","News 1","Social","Trading View"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/#respond"]}],"copyrightYear":"2025","copyrightHolder":{"@id":"https:\/\/ambcrypto.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/","url":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/","name":"Kaspa rally powered by leverage, not users \u2013 Is a KAS pullback ahead? - AMBCrypto","isPartOf":{"@id":"https:\/\/ambcrypto.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/#primaryimage"},"image":{"@id":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/#primaryimage"},"thumbnailUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/11\/Abdul-6-2.webp","datePublished":"2025-11-26T03:00:51+00:00","description":"Kaspa KAS sees a derivative-driven rally, but declining on-chain activity and active addresses signal caution for investors.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/kaspa-rally-powered-by-leverage-not-users-is-a-kas-pullback-ahead\/#primaryimage","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/11\/Abdul-6-2.webp","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/11\/Abdul-6-2.webp","width":1920,"height":1080,"caption":"KAS rally faces scrutiny as derivatives surge outpaces on-chain activity"},{"@type":"WebSite","@id":"https:\/\/ambcrypto.com\/#website","url":"https:\/\/ambcrypto.com\/","name":"AMBCrypto","description":"Stay Ahead!","publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"alternateName":"AMBCrypto News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ambcrypto.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ambcrypto.com\/#organization","name":"AMBCrypto","alternateName":"AMBCrypto News","url":"https:\/\/ambcrypto.com\/","logo":{"@type":"ImageObject","@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/amb-wide.jpg","width":600,"height":60,"caption":"AMBCrypto"},"image":{"@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/cryptoamb","https:\/\/x.com\/CryptoAmb","https:\/\/www.linkedin.com\/company\/13629485\/"]},{"@type":"Person","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/8e172c81209a80a8325f773bd6447a30","name":"Olayiwola Dolapo","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Image_20240813_070537_637-e1723616062313-100x100.jpeg","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Image_20240813_070537_637-e1723616062313-100x100.jpeg","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Image_20240813_070537_637-e1723616062313-100x100.jpeg","caption":"Olayiwola Dolapo"},"description":"Olayiwola Dolapo is a Crypto Research Analyst at AMBCrypto, driven by a mission to make the digital asset space more transparent and understandable for all. His journey was catalyzed by an early experience in the market that underscored the importance of deep, foundational knowledge\u2014a principle that now guides his professional work.","sameAs":["https:\/\/www.linkedin.com\/in\/olayiwola-dolapo-b42926194\/","https:\/\/x.com\/https:\/\/x.com\/dolapolai"],"url":"https:\/\/ambcrypto.com\/author\/oladol\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/posts\/548918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/users\/101"}],"replies":[{"embeddable":true,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/comments?post=548918"}],"version-history":[{"count":0,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/posts\/548918\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/media\/548928"}],"wp:attachment":[{"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/media?parent=548918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/categories?post=548918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ambcrypto.com\/wp-json\/wp\/v2\/tags?post=548918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}