ARC has formed a good technical pattern on lower timeframes, but the key turning point still depends on the actions on the spot side or the clearing of short positions in derivatives. The open interest (OI) of a major exchange's perpetual contracts is about $22M, while the spot market cap is around $36M, which means the OI-to-market cap ratio is approximately 0.61 — for a relatively illiquid coin, this data is indeed worth paying attention to. When the ratio of derivatives positions to spot scale increases, more leveraged funds flood into the futures market, often amplifying price volatility. In the short term, focus should be on whether there will be capital inflows on the spot side to push prices higher, or whether futures longs will be forced to liquidate. Which of these signals appears first is likely to determine the direction of the next wave of the market.