$CRCL dropped 4.759%, price is 71.64, funding is 0.00000000. This combination is quite rare: it dropped this much, yet the perpetual contract market has nobody paying premiums. Both longs and shorts are just watching and waiting. Trading volume is 120 million, open interest is 1.007 million, and the market cap isn’t that big. My view is that this leg of the drop is due to sell pressure or liquidity retreat on the spot side—not a liquidation cascade on the contract side—so the funding shows no reaction.

Trading tag: #TradFi #链上美股 #CRCL

Where do you think this assessment is most likely to be wrong?