$STXX 24 hours up 6.56% to 921.78; meanwhile, the funding rate returns to zero. This kind of rally combined with a zero fee rate is uncommon in TradFi futures—it suggests the advance did not trigger a crowded chase by leveraged longs, and that the buy-side may be more driven by spot positioning or policy expectations. If there is no new catalyst on the political front, the durability of this rally detached from leverage sentiment remains questionable. If the price retraces below 900, that is the first warning. Current trading volume is moderate. I won’t chase the rally, but I will take a very small position to go long in the 895–905 range; I’ll cut the trade if it breaks below 880.

Trading tag: #TradFi #链上美股 #STXX

Where do you think this assessment is most likely to be wrong?