Saturday early-session L2 scan—one asset clawed back about four points in a day, but it's still down about six points on the week, while futures long positions are being unwound.
$OP : up about 0.102→0.106 in a day (about +4%), down about 6% on the week; account long/short ratio about 2.27→1.90 (roughly 69%→66% long); funding rate about +0.0069%/8h; OI about +1.7%. Price has turned green, long positions are pulling back, and there's barely any new money coming in—don't treat 0.106 as confirmation of an independent L2 recovery.
Meanwhile, $ARB is up about 5.7% on the day, with a long/short ratio around 1.28 (about 56% long)—even fewer long positions.
Is this a fake green bounce from short covering, or does L2 really have independent buying demand? Share a counterexample in the comments.
#midnovembermarket
$OP : up about 0.102→0.106 in a day (about +4%), down about 6% on the week; account long/short ratio about 2.27→1.90 (roughly 69%→66% long); funding rate about +0.0069%/8h; OI about +1.7%. Price has turned green, long positions are pulling back, and there's barely any new money coming in—don't treat 0.106 as confirmation of an independent L2 recovery.
Meanwhile, $ARB is up about 5.7% on the day, with a long/short ratio around 1.28 (about 56% long)—even fewer long positions.
Is this a fake green bounce from short covering, or does L2 really have independent buying demand? Share a counterexample in the comments.
#midnovembermarket
