It went up 51%, but the people going long are fewer than the people shorting—
Today, ZKC’s intraday high touched 0.0708. It rallied from a low of 0.0415, gaining more than 70%, and has since pulled back to around 0.063.
The strange part is on the contracts side: the funding rate is negative (-0.109%), which means the shorts are paying the longs. But the long/short ratio data shows that shorts (52.1%) are still more than longs (47.9%).
In plain language, what it means is: the spot price got pushed up strongly, but the contract market participants aren’t buying it—shorts are still in the majority, and they’re continuously paying costs to keep their short positions.
This kind of divergence usually has two possible outcomes:
One is that the shorts can’t hold on and are forced to close, which then pushes another wave of upward movement;
Two is that the buying strength on the spot market weakens, the price falls back, and the shorts actually end up profiting.
From the candlestick chart, the recent eight candles have been in a choppy, ranging consolidation pattern. The biggest-volume candle was the one during the rebound—volume picked up, but the following candles’ volume has been shrinking, and the momentum hasn’t confirmed a continued move.
High turnover, large price swings, and a split in sentiment—this situation usually means it’s not time for the dust to settle yet.
$ZKC #资金费率背离 #51%暴涨
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