The takeaway first: MAGIC is up about 46% in a day, open interest has surged 150%, and with negative funding, shorts are handing money to longs.
MAGIC is trading at 0.11256 on Binance and 0.11243 on OKX perpetuals, up 45.6% and 48.1%, respectively. The 24-hour high was around 0.1637 and the low around 0.0747, with both exchanges showing the same direction.
MAGIC open interest has reached $48.9 million, up 150.7% in 24 hours. Binance accounts for $16.38 million, OKX for $9.03 million, and Bybit for $7.29 million. Momentum-chasing money is flowing in.
Funding rates have flipped to the other side: -0.468% per interval on Binance and around -0.498% on OKX, both equivalent to more than 250% annualized. With negative funding, shorts pay longs; the longer shorts stay in, the higher their costs.
24-hour liquidations totaled $13.45 million, with shorts accounting for about 60%; over the past 4 hours, liquidations totaled $1.48 million, with shorts making up 56.5%. Prices are surging and open interest is soaring, but betting on further declines remains a crowded trade.
$MAGIC $BTC
Will shorts keep holding on, or cut their losses and exit first?
View live: https://www.coinboss.com/currencies/MAGIC