There’s been a clear surge in demand for Four [$FORM] over the past week, with the asset gaining nearly 14% during this period as of writing.

Despite the price rally, exchange-level activity has started showing a shift in investor interest in the asset’s perpetual markets.

This remains one of the key warning signs for whether the asset can truly retain its upward path, as the shift in sentiment becomes increasingly clear.

Venues show seller volume scales

$FORM faces heavy selling pressure across trading venues, which could erode its gains over the past day.

Across all ten venues, including centralized and decentralized exchanges, the long-to-short ratio for the asset has been negative, with sellers having the edge.

The Long/Short…