US President-elect Donald Trump’s TRUMP token has made a splash in the crypto market, quickly becoming the 21st largest digital asset with a market cap of $11 billion in just two days.

The TRUMP/USDT pair has emerged as the most traded pair over the past 24 hours on leading exchange Binance, representing 13.3% of total exchange volume, according to Coingecko.

While this activity is exciting, bulls and those looking to join the market ahead of Donald Trump’s inauguration may want to exercise caution as a key derivatives market indicator has veered bearish from the token’s rising open futures interest.

Open interest in TRUMP perpetual futures is up 6% in the past 24 hours, according to data source Velo Data. Although prices have fallen from $70 to $58 since Asian hours, they remain up 3%.

However, the perpetual futures cumulative volume delta, which reflects the difference between buying and selling volume, has declined by over 1%, indicating a relative increase in selling volume. In other words, traders either take outright shorts or bearish bets or close out long positions.

Also, the market for TRUMP looks overheated, with longs paying an annual fund fee of over 170% to shorts to keep their positions open. If the market stops rallying, holding longs will become a burden, potentially spurring an unwinding of the bullish bets. This in turn may lead to a deeper price drop.

The chart shows that most major cryptocurrencies have seen a net sell-off in perpetual futures over the past 24 hours. Perhaps market participants fear market-wide price losses in a classic “sell the facts” act after Trump’s inauguration.