GPS is now around 0.0173u. A week ago it was stuck at the 0.009 level. In seven days it has risen by more than 80%, surged to 0.0186, then paused and pulled back to the support level.
My bias is slightly bullish, but I won’t chase at this point.
The strongest signal is from the funding side. Spot net inflows have been positive for 12 consecutive K-lines, and big orders are coming in too. In the order book (20 levels), buy orders are pressing against sell orders with a buy/sell ratio of 1.4x—this is real, solid support, not just a talk-of-a-rally kind of bounce. On the derivatives side it’s even more interesting: open interest surged by 240% in a day, yet the funding rate is still negative. The shorts are holding up the position while simultaneously paying the longs—that’s a ready-made squeeze trigger.
But risks also need to be laid out. First, it’s risen too fast: after retreating from 0.0186 back to 0.0173, the 15-minute moving average is already pressing down on price, and the short-term overheating is cooling off. Second, on-chain leverage is too crowded: the long/short borrow ratio is up at over 400x, and within the past 12 hours it has still climbed another 20%. To go higher from here would require even larger capital to take over.
So my conclusion: the trend hasn’t broken, but the risk-reward at this level isn’t that attractive anymore. Rather than chasing at 0.0173, it’s better to wait for another pullback and see whether that batch of spot money is still there. If it can be picked up, this move can continue; if it can’t, the hype will fade quickly.
Tracking with a small position is fine; I won’t chase with a heavy position.
#gps $GPS
My bias is slightly bullish, but I won’t chase at this point.
The strongest signal is from the funding side. Spot net inflows have been positive for 12 consecutive K-lines, and big orders are coming in too. In the order book (20 levels), buy orders are pressing against sell orders with a buy/sell ratio of 1.4x—this is real, solid support, not just a talk-of-a-rally kind of bounce. On the derivatives side it’s even more interesting: open interest surged by 240% in a day, yet the funding rate is still negative. The shorts are holding up the position while simultaneously paying the longs—that’s a ready-made squeeze trigger.
But risks also need to be laid out. First, it’s risen too fast: after retreating from 0.0186 back to 0.0173, the 15-minute moving average is already pressing down on price, and the short-term overheating is cooling off. Second, on-chain leverage is too crowded: the long/short borrow ratio is up at over 400x, and within the past 12 hours it has still climbed another 20%. To go higher from here would require even larger capital to take over.
So my conclusion: the trend hasn’t broken, but the risk-reward at this level isn’t that attractive anymore. Rather than chasing at 0.0173, it’s better to wait for another pullback and see whether that batch of spot money is still there. If it can be picked up, this move can continue; if it can’t, the hype will fade quickly.
Tracking with a small position is fine; I won’t chase with a heavy position.
#gps $GPS