Here’s why CashCat’s 11% rally puts Hyperliquid, Gate and Bybit in focus

CashCat [CASHCAT] gained 11% over the past day as the broader market recovered.

The gains coincided with bullish sentiment and increased activity in the perpetual market. Open Interest rose alongside the price, while the Funding Rate remained positive.

Buyers had the edge, but could that positioning support another leg higher?

What supported CASHCAT’s 11% rally?

CashCat recorded roughly $11.12 million in perpetual Inflows over the past 24 hours.

Inflows exceeded Outflows, leaving positive Netflows of $122,240 at the time of analysis. This pointed to net capital entering the tracked perpetual market, although flows alone did not establish traders’ direction.

Alongside those positive flows, Open Interest climbed over 11% to $51.43 million, while the Funding Rate stayed positive.

Rising Open Interest indicated more outstanding contracts. The positive Funding Rate meant longs paid shorts, suggesting stronger demand for long exposure.

Together, these readings supported a bullish positioning bias, although they could not confirm further price gains.

That left another question: were traders actively buying into the move?

Were CASHCAT buyers still setting the pace?

An analysis of CashCat’s perpetual Trading Volume showed more aggressive buying than selling. The Taker Buy/Sell Ratio tracks this balance. A reading above 1 indicates higher taker buy volume, while below 1 indicates higher taker sell volume.

CoinGlass recorded a ratio of 1.14, meaning taker buy volume exceeded taker sell volume by 14%.

In other words, buyers were more willing to cross the spread and execute immediately.

Hyperliquid, Gate, and Bybit also recorded Taker Buy/Sell Ratios above 1, reinforcing a buying bias across the three venues.

Together, these exchanges accounted for $45.5 million in Open Interest, roughly 88% of CashCat’s reported total. Much of the outstanding exposure therefore sat on those venues. Still, taker buying can reflect new longs or shorts closing positions.

Can bullish sentiment sustain CASHCAT’s gains?

CoinMarketCap’s Sentiment indicator also favored bulls. The tool ranged from -10 to 10, with the extremes representing bearish and bullish readings, respectively.

At the time of analysis, Sentiment remained positive, suggesting a bullish outlook among participating users. That optimism aligned with the perpetual market’s buying bias. If buying pressure persists, CASHCAT could extend its recovery.

However, sentiment alone offers limited evidence of fresh demand. Continued taker buying would give the bullish outlook firmer backing.

Final Summary

• CASHCAT rose 11% as Open Interest increased and the Funding Rate remained positive.
• The Taker Buy/Sell Ratio favored buyers, but sustained buying pressure remains key to further gains.