At midnight, let’s flip open the public-chain ledger again—down about six points in a day, while the rent has only just flipped into a subsidy. The ledger doesn’t look like a flush-out: long-side seats are still filling up, and the money hasn’t left.
$SUI: down about 6.2% in a day / 9.5% in a week, currently around 0.813. The weekly high was about 0.9568, a pullback of roughly 15.0%. The account long/short ratio is about 2.07 (around 67% long; about a day ago it was around 1.85 / 65% long, so the long-side seats are filling up). Funding has edged slightly negative at around −0.0014%/8h, earning a small subsidy, while OI is up about 2.3% over the past day. Price is getting hammered, longs are piling in, funding has just flipped to paying them, and the money hasn’t pulled out—don’t take 0.813 or the funding flip as confirmation of a flush-out, let alone assume the weekly bottom is already in.
In the same arena, $APT is down about 5.4% in a day and 9.0% in a week, currently around 0.566. The weekly high was about 0.6607, a pullback of roughly 14.3%. Longs are around 56% (long/short ratio about 1.25; about a day ago it was around 1.13 / 53% long, so the long-side seats are filling up). Funding is about +0.0055%/8h, so they’re still paying rent, and OI is up about 4.8%. Price is getting hammered too; the seats aren’t as crowded, but they’re still filling up, and rent is still due—the money is piling in even faster.
On one side, funding has just flipped to paying a subsidy while the long-side seats keep filling up; on the other, a fellow public-chain token is still paying rent and the money is piling in even faster. Is this confirmation of a flush-out, or has the rent only just flipped while the seats are still full? Drop a counterexample in the comments.
$SUI: down about 6.2% in a day / 9.5% in a week, currently around 0.813. The weekly high was about 0.9568, a pullback of roughly 15.0%. The account long/short ratio is about 2.07 (around 67% long; about a day ago it was around 1.85 / 65% long, so the long-side seats are filling up). Funding has edged slightly negative at around −0.0014%/8h, earning a small subsidy, while OI is up about 2.3% over the past day. Price is getting hammered, longs are piling in, funding has just flipped to paying them, and the money hasn’t pulled out—don’t take 0.813 or the funding flip as confirmation of a flush-out, let alone assume the weekly bottom is already in.
In the same arena, $APT is down about 5.4% in a day and 9.0% in a week, currently around 0.566. The weekly high was about 0.6607, a pullback of roughly 14.3%. Longs are around 56% (long/short ratio about 1.25; about a day ago it was around 1.13 / 53% long, so the long-side seats are filling up). Funding is about +0.0055%/8h, so they’re still paying rent, and OI is up about 4.8%. Price is getting hammered too; the seats aren’t as crowded, but they’re still filling up, and rent is still due—the money is piling in even faster.
On one side, funding has just flipped to paying a subsidy while the long-side seats keep filling up; on the other, a fellow public-chain token is still paying rent and the money is piling in even faster. Is this confirmation of a flush-out, or has the rent only just flipped while the seats are still full? Drop a counterexample in the comments.
