$IRYS Direction: Short
I went long on the one I wrote about yesterday, based on the funding rate being -0.22% and shorts being crowded. But it fell from 0.02791 to 0.0228, down 18%. That call was wrong—I’ll own it.
The setup is worse now than yesterday: the retail long/short ratio is 2.66, and 72.7% of accounts are long. They’re still trying to buy the dip.
Price is 0.02280, down 22.73% in 24 hours, at 5.6% of the range—right on the floor.
At 04:45, it also hit a new low of 0.0224.
The funding rate is -0.0085%, almost zero. Shorts are paying virtually nothing to hold their positions.
Trading volume: $74.3 million.
Direction: Short. Yesterday, I was wrong to think that “crowded shorts would get squeezed.” I didn’t see that retail traders were catching the falling knife. As long as 72.7% of accounts are still holding longs, the decline won’t stop.
$IRYS #IRYS #做空 #合约
I went long on the one I wrote about yesterday, based on the funding rate being -0.22% and shorts being crowded. But it fell from 0.02791 to 0.0228, down 18%. That call was wrong—I’ll own it.
The setup is worse now than yesterday: the retail long/short ratio is 2.66, and 72.7% of accounts are long. They’re still trying to buy the dip.
Price is 0.02280, down 22.73% in 24 hours, at 5.6% of the range—right on the floor.
At 04:45, it also hit a new low of 0.0224.
The funding rate is -0.0085%, almost zero. Shorts are paying virtually nothing to hold their positions.
Trading volume: $74.3 million.
Direction: Short. Yesterday, I was wrong to think that “crowded shorts would get squeezed.” I didn’t see that retail traders were catching the falling knife. As long as 72.7% of accounts are still holding longs, the decline won’t stop.
$IRYS #IRYS #做空 #合约
