Jito Finance token rallies on protocol strength, but spot sellers resist gains

Jito Finance's JTO token has outperformed broader market weakness, advancing roughly 11% in recent days and 131% over the past 90 days. The rally reflects several supporting factors. Total Value Locked in the protocol jumped by more than $44 million to $768.78 million in three days, suggesting investors are committing capital for the long term. The protocol's earnings have reached $489,140 so far in Q3, already representing roughly a third of its entire Q2 total of $1.48 million.

Perpetual markets show signs of sustained bullish positioning. Capital inflows over the past five days, three days and 24 hours respectively amounted to $109,920, $1.90 million and $1.05 million, with outflows running smaller. The funding rate held at a moderately bullish 0.0062%, while perpetual open interest stood at around $41.08 million, indicating more long positions than short ones.

However, spot market activity tells a different story. The spot market has logged net selling of $89,400 over the past day, with this selling trend persisting for three consecutive days. A sustained price rally typically requires inflows into both perpetual and spot markets moving in concert. The divergence suggests that while derivatives traders are leaning bullish and the perpetual market remains balanced, spot holders are using the rally to exit their positions rather than add to them.