Tuba的加密笔记

$COIN dropped 5.7% in the past 24 hours, with the price at 172.8. Looking at the downside move alone, it’s not exactly a collapse, but combined with a positive funding rate of 0.00014, the situation is different. This means the longs are still paying the shorts; as the market falls, the funding rate remains positive, which is a structure of longs getting trapped and stubbornly holding on.

The strongest counter-evidence is that the absolute value of the rate isn’t that high yet—longs haven’t reached the level of mass liquidations. But the second-order effects are clear: if the market continues to bleed lower, this group of paying longs will be the first to cut losses, creating a liquidity gap to the downside.

I think this round of decline hasn’t finished yet.

Trading tag: #TradFi #链上美股 #COIN

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