$HEMI Today, this move wasn’t a slow grind upward. After moving sideways for most of the day, it suddenly saw a surge in volume. In one hour, the price was pushed from around 0.007 to 0.0083. Spot and futures both saw increased volume. This kind of chart action at least suggests it’s not just being propped up by futures alone.
The story behind it is still BTCFi. Hemi is about putting Bitcoin’s security and EVM programmability into a single network, where HEMI also handles staking, governance, and Gas. When BTC is consolidating, smaller-cap BTC ecosystem tokens are easy for capital to use as a source of elasticity.
What I care about more is that open interest increased by about 45% over the past day, but the funding rate is still close to neutral—there’s no clear one-sided pressure between longs and shorts. New positions are coming in, and for now they haven’t squeezed into one direction. That’s healthier than forcing a move with high funding rates.
However, the spot right after the volume surge isn’t a good place to chase. If it can hold around 0.008 and the spot trading doesn’t quickly fade back, there’s a chance to keep probing today’s high. But if it drops back quickly to the starting point of this volume surge, the newly opened futures positions will make the drawdown happen faster.
$HEMI #BTCFi #Binance
The story behind it is still BTCFi. Hemi is about putting Bitcoin’s security and EVM programmability into a single network, where HEMI also handles staking, governance, and Gas. When BTC is consolidating, smaller-cap BTC ecosystem tokens are easy for capital to use as a source of elasticity.
What I care about more is that open interest increased by about 45% over the past day, but the funding rate is still close to neutral—there’s no clear one-sided pressure between longs and shorts. New positions are coming in, and for now they haven’t squeezed into one direction. That’s healthier than forcing a move with high funding rates.
However, the spot right after the volume surge isn’t a good place to chase. If it can hold around 0.008 and the spot trading doesn’t quickly fade back, there’s a chance to keep probing today’s high. But if it drops back quickly to the starting point of this volume surge, the newly opened futures positions will make the drawdown happen faster.
$HEMI #BTCFi #Binance