Like a mall right before closing time suddenly forming a long line—it's definitely lively, but you need to tell who’s actually paying for it. $ESP ’s current spot price is $0.0788 today; in the last 24h it’s up 21.184%. The high touched $0.08385, but I don’t think it got onto the leaderboard only because of the涨幅.
Spot 24h trading volume is $8.00M, while the contracts have already been pushed to $50.15M. The contract-to-spot成交比 is 6.3x, and it’s obvious that control is clearly in the derivatives. Looking even more closely: the funding rate is -0.4616%, and open interest is still 88,233,684 ESP. Price is rising, the funding is negative, and the OI is hanging there—this suggests there are quite a lot of shorts that chased in. There’s a squeeze component in the short term, so it’s not a clean structure where spot just gets swept up all the way.
I don’t chase longs on this kind of market. I’m not in a position right now. I’ll wait for a pullback to around $0.081 and then try a 3% short. I’ll place a stop loss and exit if it goes above $0.084—if I’m wrong, I’ll get out. If the spot volume keeps expanding and the contract/spot ratio gets pushed back to within 3x, then I’ll cancel this short directly. $ESP #ESP
This post is just my own thoughts, not financial advice.
Spot 24h trading volume is $8.00M, while the contracts have already been pushed to $50.15M. The contract-to-spot成交比 is 6.3x, and it’s obvious that control is clearly in the derivatives. Looking even more closely: the funding rate is -0.4616%, and open interest is still 88,233,684 ESP. Price is rising, the funding is negative, and the OI is hanging there—this suggests there are quite a lot of shorts that chased in. There’s a squeeze component in the short term, so it’s not a clean structure where spot just gets swept up all the way.
I don’t chase longs on this kind of market. I’m not in a position right now. I’ll wait for a pullback to around $0.081 and then try a 3% short. I’ll place a stop loss and exit if it goes above $0.084—if I’m wrong, I’ll get out. If the spot volume keeps expanding and the contract/spot ratio gets pushed back to within 3x, then I’ll cancel this short directly. $ESP #ESP
This post is just my own thoughts, not financial advice.