U.S. 20-year Treasuries hit a new high, $AVAX drops 10%, yet the leverage is only unwound by 6.71%.
17:31 PANews: Yields on the 10-year and 30-year U.S. Treasuries reach their highest levels in nearly 20 years. When money gets expensive, the first thing to break is always leverage.
$AVAX is currently at 10.107, down 10.01% over 24 hours, with intraday lows hitting 11.26 down to 10.016. Open interest falls by 6.71% in a day (a loss of $104 million), with active buy/sell volume at 0.83 and sell orders 20% higher than buy orders.
But the bet hasn’t been fully unwound: big holders still have 73.16% of their positions in long exposure, and retail traders also hold longs at 69.65%. The fee rate is 0.0059%/8h, trading right against the benchmark—no one is willing to pay for direction.
The 1-hour moving average lineup is bearish in a stacked order. MA20 at 10.2474 is capping above the price. RSI14 is 34.42. Price has already fallen through the lower Bollinger Band. Support is at 10.0150, resistance at 10.5020.
I’m bearish: if rates don’t ease, leverage will have to continue getting cleared. Before the price reclaims MA20 at 10.2474, any rebound I see I’ll treat as a counter-trend pullback.
17:31 PANews: Yields on the 10-year and 30-year U.S. Treasuries reach their highest levels in nearly 20 years. When money gets expensive, the first thing to break is always leverage.
$AVAX is currently at 10.107, down 10.01% over 24 hours, with intraday lows hitting 11.26 down to 10.016. Open interest falls by 6.71% in a day (a loss of $104 million), with active buy/sell volume at 0.83 and sell orders 20% higher than buy orders.
But the bet hasn’t been fully unwound: big holders still have 73.16% of their positions in long exposure, and retail traders also hold longs at 69.65%. The fee rate is 0.0059%/8h, trading right against the benchmark—no one is willing to pay for direction.
The 1-hour moving average lineup is bearish in a stacked order. MA20 at 10.2474 is capping above the price. RSI14 is 34.42. Price has already fallen through the lower Bollinger Band. Support is at 10.0150, resistance at 10.5020.
I’m bearish: if rates don’t ease, leverage will have to continue getting cleared. Before the price reclaims MA20 at 10.2474, any rebound I see I’ll treat as a counter-trend pullback.