Contract Order Book Daily Report | 8/7 Buy-side rebounds, but positions still reduced
At 11:30 midday, the abnormality is that the aggressive buy side is dominant, yet the price and open interest have not rebounded in sync.
The $BTC mark price is 64293.3, down 0.34%. The aggressive buy/sell ratio has risen to 1.17, suggesting more chase-buy orders. However, the $6.773 billion open interest has fallen by 0.9% instead—new leverage has still not entered the market.
Longs make up 55%, and the funding rate is as high as 0.25%. Currently, buy orders look more like absorbing reduced positions rather than confirming a trend of new inflows.
A divergence is also seen between high funding rates and price performance.
$SOL funding rate is 0.22%, while the price drops 1.17%. Although longs are paying higher funding, they have not gained price advantage.
$ETH funding rate is -0.02%, yet the price rises 0.2%, meaning short pressure is more concentrated.
The Fear & Greed Index remains at 29, indicating spot sentiment is cautious. Yet contract longs are paying higher position costs.
On the event front, the U.S. Senate will postpone votes on the crypto market structure bill until after the summer recess, pushing short-term policy catalysts further out.
Bloomberg notes that the bill’s moral clauses may cause Trump to defer several million dollars in taxes. Related political controversy could amplify TRUMP’s volatility, but this is not a fundamental incremental driver.
Wintermute launched its U.S. brokerage-dealer business, which helps expand compliant capital channels. However, for now it is still not enough to reverse the current position-reduction structure.
Small-cap funding rates have already entered a squeeze zone.
ACE funding rate is down to -1.073%, with shorts overly concentrated—making the risk of a reverse squeeze high.
BNC funding rate reaches +1.022%. Long costs are at extreme levels; once price weakens, it is more likely to trigger a chain reaction of position reductions.
Next, we only watch whether three items can move in sync: the price stops falling, open interest turns from declining to rising, and the positive funding rate falls.
If the aggressive buy/sell ratio continues to stay above 1, and the price remains weak while open interest keeps decreasing, it suggests buy orders are still being absorbed and the risk of a long squeeze has not been resolved.
Live disclosure: This account currently holds FOGO long positions. The related views are consistent with the actual position.
Contract data is compiled with the help of Claude Fable 5. For information only—please verify independently.
At 11:30 midday, the abnormality is that the aggressive buy side is dominant, yet the price and open interest have not rebounded in sync.
The $BTC mark price is 64293.3, down 0.34%. The aggressive buy/sell ratio has risen to 1.17, suggesting more chase-buy orders. However, the $6.773 billion open interest has fallen by 0.9% instead—new leverage has still not entered the market.
Longs make up 55%, and the funding rate is as high as 0.25%. Currently, buy orders look more like absorbing reduced positions rather than confirming a trend of new inflows.
A divergence is also seen between high funding rates and price performance.
$SOL funding rate is 0.22%, while the price drops 1.17%. Although longs are paying higher funding, they have not gained price advantage.
$ETH funding rate is -0.02%, yet the price rises 0.2%, meaning short pressure is more concentrated.
The Fear & Greed Index remains at 29, indicating spot sentiment is cautious. Yet contract longs are paying higher position costs.
On the event front, the U.S. Senate will postpone votes on the crypto market structure bill until after the summer recess, pushing short-term policy catalysts further out.
Bloomberg notes that the bill’s moral clauses may cause Trump to defer several million dollars in taxes. Related political controversy could amplify TRUMP’s volatility, but this is not a fundamental incremental driver.
Wintermute launched its U.S. brokerage-dealer business, which helps expand compliant capital channels. However, for now it is still not enough to reverse the current position-reduction structure.
Small-cap funding rates have already entered a squeeze zone.
ACE funding rate is down to -1.073%, with shorts overly concentrated—making the risk of a reverse squeeze high.
BNC funding rate reaches +1.022%. Long costs are at extreme levels; once price weakens, it is more likely to trigger a chain reaction of position reductions.
Next, we only watch whether three items can move in sync: the price stops falling, open interest turns from declining to rising, and the positive funding rate falls.
If the aggressive buy/sell ratio continues to stay above 1, and the price remains weak while open interest keeps decreasing, it suggests buy orders are still being absorbed and the risk of a long squeeze has not been resolved.
Live disclosure: This account currently holds FOGO long positions. The related views are consistent with the actual position.
Contract data is compiled with the help of Claude Fable 5. For information only—please verify independently.