PERP is currently in an extreme pessimistic sentiment bottoming stage, with technical bullish divergence signals emerging. The price has received proactive accumulation support in the 0.0177–0.0200 USDT range, and a short-term rebound is expected. Derivatives and DEX volumes are recovering, the position structure is becoming more rational, and high volatility risks are effectively suppressed, laying a foundation for a mid-term trend. Coupled with accelerated ecological innovation and the enhancement of governance and staking value, it is recommended to seize technical rebound opportunities in stages, monitor the breakthrough of 0.0210 USDT, and maintain a layout focused on the medium to long-term ecological value.

Recently, the crypto market fear index has hit extreme lows, with selling pressure significantly easing. PERP's price has been attempting to stabilize after hitting a low of 0.02004 USDT on February 19. On February 23, it briefly dipped to 0.01769 USDT before rebounding to 0.01948 USDT, indicating that short-term buyers are starting to enter the market. Combined with an increase in daily trading volume at low levels, this suggests that capital is increasingly willing to deploy in the oversold zone. A bullish divergence has initially formed at the technical level, signaling a likely short-term technical rebound.

The current crypto market sentiment has dropped to an "extremely low" level, suggesting a potential formation of a "lasting bottom" as selling pressure wanes. Bitcoin's Fear and Greed Index shows signals of a phase bottom, indicating weakening sell momentum and stabilizing conditions, though short-term price declines remain possible. Historical data suggests extreme negative sentiment often offers attractive entry points, with technical rebounds likely after oversold conditions.

Analysis: Extreme market panic may indicate an approaching temporary turning point.

Despite a 40% drop in overall crypto market capitalization, perpetual contract trading volume has doubled within half a year. However, the lack of an explosive surge in open interest reflects the entry of more 'patient capital.' During the same period, trading volume on Perp DEX platforms saw a modest rebound, while open positions and total value locked changed little, indicating that while trading is active, participants prefer holding tokens and observing rather than engaging in high-frequency arbitrage. For PERP, the rational balance of derivative and spot trading volumes reduces the risk of highly leveraged volatility and supports mid-term trend stability.

The perpetual futures market has seen explosive growth, with trading volumes doubling in six months despite a 40% drop in crypto market value. However, volume alone can be misleading, as it may reflect rapid capital cycling rather than new inflows. Open Interest (OI), measuring active risk exposure, has also grown but at a slower pace, indicating more "patient capital." Platforms like Hyperliquid show high capital efficiency and fee conversion, highlighting the importance of multiple metrics beyond volume to understand true market health.

Don't just focus on trading volume; learn to understand the "real and fake booms" of perpetual contracts.

According to DefiLlama data on February 24, mainstream Perp DEX platforms have seen a slight rebound in trading volume, with minimal changes in open interest and TVL. Hyperliquid leads with a 24-hour trading volume of approximately $6.57B, followed by Aster at $3.24B. Other platforms include EdgeX, Lighter, Variational, and Pacifica, each showing varying volumes and TVL figures.

Overview of Major Perp DEXs: Recent slight rebound in trading volumes across platforms, with Hyperliquid maintaining the top spot in trading volume.

With mainstream markets increasing their focus on DeFi and DEX ecosystems, the Perp DEX platform has been launching new products and significantly boosting ecosystem activity. The integration of new modules and cross-chain liquidity tools has improved user retention and trading depth, providing greater imaginative space for governance incentives and staking returns for the PERP token. Along with the acceleration in stablecoin adoption and fintech giants' expansion trends, PERP is expected to gain sustained support in protocol ecosystem development and community consensus, demonstrating strong long-term value potential.

In the past 24 hours, the crypto market heated up around mainstream topics like the acceleration of stablecoin adoption, fintech mergers, and AI's impact on traditional valuations. Stripe emphasized stablecoin growth in its 2025 letter and is considering acquiring PayPal, boosting its valuation to $159 billion. Meta plans to relaunch its stablecoin project in 2026. Jane Street faces allegations of market manipulation in crypto trading. Meanwhile, Solana, Ethereum, and Perp DEX ecosystems saw significant development, with new products and increased market activity fueling optimism.

Jane Street manipulates the market, Stripe considers acquiring PayPal, what is the overseas crypto community talking about today?

Perpetual Protocol

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