First the conclusion: this ACE rally isn’t longs chasing—it’s shorts getting repeatedly liquidated and forced out.

In the past 24 hours, ACE is up 55.2%. The price reached 0.201, with trading volume of $1.78 billion. Over the same period, open interest rose from about 32 million to 60.4 million—nearly doubling in a day. That’s the largest open-interest increase across the whole market.

Make the direction of the funding rate clearer. Of the 13 exchanges, 12 are negative; the average is -0.0088% every 8 hours, annualized at -9.6%. WhiteBit alone is -0.0432%/8h—people who are short end up paying to subsidize the long side. With the funding rate negative like this, yet the price is still rising; shorts simply refuse to accept it.

The liquidation data also checks out: in the past 24 hours, ACE liquidations totaled $7.86 million, with shorts at $5.61 million making up 71%, 8,611 trades, and an average of $913 per trade. Low-leverage retail traders repeatedly tested the top at high prices, getting cut one batch after another.

But in the last 4 hours, it’s flipped. In the past 4 hours, ACE liquidations were $1.33 million: longs $0.92 million and shorts $0.41 million—longs have started getting hit. At this level, those who chased up and those who tried to top are now getting beaten in turn.

Compare laterally with $AKE: in the same 24 hours, it’s up 26%, liquidations are $11.84 million, shorts account for 82%, 9,899 trades with an average of $1,196 per trade—the direction hasn’t flipped yet. Across the whole network, liquidations in 24 hours are $140.5 million; longs are $91.9 million, 65%. In $BTC the 86.9% is longs getting liquidated, which is completely the opposite of this altcoin side.

When three things come together—funding rates negative, positions doubling, and shorts being liquidated—it usually means the trend hasn’t finished yet; but after 4 hours, longs are already starting to get liquidated, and short-term turnover is happening.

Are you going to dare to chase $ACE right now, or wait for it to wash out the chase-high crowd first?

#ACE #资金费率 #爆仓数据 # position size

Check in real time: https://www.coinboss.com/funding-rate