FORM gains 14% but sellers control perpetual volume
Four (FORM)
Editor:
Eugene Serbin
ambcrypto.com reports that Four (FORM) rose nearly 14% over the past week, yet a shift in investor interest signals potential risks for the asset. Perpetual market data across ten venues shows sellers holding the edge, accounting for 53% of the volume. CoinGlass data indicates total perpetual volume reached $329 million, with roughly $174.6 million attributed to sellers.
This negative long-to-short ratio suggests heavy selling pressure that could erode recent gains. Despite the sell-side dominance, retail traders have largely driven the price rally over the last day. CoinGlass’ Whale Retail Delta shows retail influence, though the metric remains positive at 0.39, indicating cumulative whale activity still weighs on the asset.
Whales are defined by their deeper capital, while retail traders hold less capital and react more quickly to movements. Spot netflow data reveals traders purchased roughly $15.65 million worth of FORM, placing the netflow at -$1.14 million. This represents the largest cumulative buy in over fifteen days, contrasting with moderate buying in other intervals. The outlook remains mixed, with a high chance of a significant decline despite the accumulated gains.
How the market reacted
Whalio's own Binance spot order flow for FORM, measured when this story was written up on 10 September 2026. Not the outlet's figures.
Whalio’s Binance spot data for FORM shows a price of $0.2703 with a 1-hour buy ratio of 69.2%, indicating strong short-term buying pressure. However, the 4-hour buy ratio drops to 42.9%, suggesting that this buying momentum is fading over a slightly longer timeframe. The 24-hour buy ratio sits at 46.0%, reflecting a more balanced but slightly bearish sentiment over the full day. Volume delta data reinforces this view, with a positive +$46,661 in the last hour contrasting against a negative -$100,431 over four hours. Over 24 hours, the volume delta is -$883,099, and the Cumulative Volume Delta (CVD) closed at -$785,463. These figures indicate that while immediate buying exists, the overall flow over the day has been net selling.
The latest daily buy ratio of 51.2% sits at the 74th percentile of the last 322 days, against a median of 49.0% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for FORM, averaged over the days leading up to the story.
Comparing the current activity to the preceding week, the 24-hour buy ratio of 46.0% is 2.9 percentage points lower than the 7-day average of 48.9%. Trading volume has increased significantly, reaching 1.56 times the weekly average, which suggests heightened activity. Over the past eight days, the price change was only +1.5%, indicating that the recent 14% weekly gain may have occurred in a different period or context. The 24-hour volume delta of -$883,099 contributes to an 8-day total volume delta of -$1,459,303. This week saw net buying on only 4 of the 7 days, making the current mixed signals consistent with a volatile but not entirely unusual trading environment.