$BTC Yesterday’s high was 63634; today it’s up 0.62%. But with such a small spot increase, the contract long side is being slowly drained—funding rate is still 0.87%. That means the short side didn’t get a bargain either.
Around 63400, I reduced half my position; the rest I’ll keep holding.
The level at 63500 is under significant pressure. Last night I tried three times but couldn’t break through. If the evening session can break above 63634 with volume, then in the short term I’m looking at 64000. On the other hand, 62800 is today’s low support—if that breaks, it’s very likely to head to 62000.
What’s interesting is the fee rates of those ETF tokens: $HYPER short fee rate -69%, $SOXS short fee rate -43%. With so many people shorting, why hasn’t the price completely crashed? What does that suggest? Either the shorts are hard-carrying, or there just aren’t many people willing to open long positions. This market’s sentiment is pretty twisted.
For the short term, I won’t chase longs or shorts—I'll wait until the direction becomes clear. Keep contract exposure within 30%; don’t bet with a heavy position.
Do you think this 63500 move can get through? Or will it keep grinding?
#Write2Earn #Crypto
⚠️ Personal opinion only; not investment advice.
Around 63400, I reduced half my position; the rest I’ll keep holding.
The level at 63500 is under significant pressure. Last night I tried three times but couldn’t break through. If the evening session can break above 63634 with volume, then in the short term I’m looking at 64000. On the other hand, 62800 is today’s low support—if that breaks, it’s very likely to head to 62000.
What’s interesting is the fee rates of those ETF tokens: $HYPER short fee rate -69%, $SOXS short fee rate -43%. With so many people shorting, why hasn’t the price completely crashed? What does that suggest? Either the shorts are hard-carrying, or there just aren’t many people willing to open long positions. This market’s sentiment is pretty twisted.
For the short term, I won’t chase longs or shorts—I'll wait until the direction becomes clear. Keep contract exposure within 30%; don’t bet with a heavy position.
Do you think this 63500 move can get through? Or will it keep grinding?
#Write2Earn #Crypto
⚠️ Personal opinion only; not investment advice.