ambcrypto.com
10 h
Curve DAO [$CRV] remains one of the few tokens to have performed against the broader crypto market decline over the past 24 hours. The asset has held decently since, with gains exceeding 14% in the past day.
The gains have been a combination of several factors, particularly trader positioning in the perpetual market, inflows, and a surge in on-chain activity during this period.
So far, while this has added to the asset’s value, there is still a major risk that it carries.
$CRV’s growth in the past day shares a correlation with capital inflows into its perpetual markets. Evidence shows that the Funding Rate, which reflects trader positioning in an asset, has a greater concentration of long positions.
The Funding Rate is considered positive when long positions are dominant. Presently, $CRV’s Funding Rate is at 0.0096%, suggesting that long traders are paying more in funding fees to maintain the balance between the Spot and Futures markets.
At the same time, there has been a surge in capital flowing into its perpetual market, reflected in the Open Interest. Within the past 24 hours, there was a 29% increase in capital in its perpetual market, bringing the Open Interest to $165.84 million.
This implies that long bets on $CRV’s upside drove most of the $48 million in capital that entered the market over the past day, supporting the asset’s bullish performance.
Another major contributor to the price performance has been on-chain activity, which surged in the past day.
DeFiLlama reported that Active Addresses, which record the number of unique addresses using the network, reached 5,053 in the past day. This marks an 18% increase from the 4,281 addresses recorded previously.
Likewise, the number of transactions that took place in the past day has been on the high side, increasing by more than 53%. DeFiLlama reported an additional 12,741 transactions during this period, bringing the total transaction count to 35,091.
Ideally, a surge in transaction count and active addresses does not necessarily dictate a bullish market. However, the simultaneous price surge suggests that bullish market conditions may have driven the increase in activity.
Curve DAO is currently operating at a loss based on its earnings data. Data from DeFiLlama shows that the protocol has recorded a loss of $3.09 million so far in Q3 2025.
This loss has been largely driven by Curve’s incentive program, which paid out more than its gross profit. During the quarter, incentives paid out amounted to $7.04 million, ultimately putting the protocol at a loss.
This could feed into investors’ decision not to hold the asset on a long-term basis and instead trade it for short-term gains, which could impact its price performance.
