Yesterday I asked whether it would break 60% or roll over. It broke.
BTC at $73,812 is down 0.70%. SOL is down 1.91%, $ETH 1.81%, XRP 2.04%. Total market cap is down 3.88%.
That combination is the actual story. The whole market is bleeding, and BTC is taking a bigger share of the bleeding.
Meanwhile 74.7% of futures accounts are still long, up from 73.5% yesterday. Longs are not leaving. They are consolidating into the least-bad coin on the board.
$BTC
Does dominance hold above 60% into the weekend, or is this the top of the rotation?
๐จ $INIT is up 115% today and the reason is not what the chart says.
๐ Funding is -1.008% per 8 hours. That is roughly -1,100% annualised. ๐ด Shorts are paying to stay short. The move is their invoice, not new demand. โ ๏ธ Nothing about the coin changed today. Only the positioning did.
Are you trading this squeeze or staying away? ๐
BTC just closed its fifth consecutive red week at $73.3k. Fear & Greed is 32. Funding is still positive at +0.006% per 8 hours, which means longs are paying shorts to keep holding.
That is not capitulation. Capitulation is negative funding with the same long ratio. When the crowd is long and paying to be long, nobody has been forced out yet.
Open interest also rose back to $7.43B from $7.15B yesterday. That is not new money arriving. That is trapped money averaging down.