SNXX is around 15.15u now. Yesterday this thing really did a backflip—during the day it first surged to 17.24, then got slapped back down to 14.03, and finally closed at 15.18. A 2x leveraged ETF—going in and out like this in a single day is enough to drive anyone crazy.
First the conclusion: my bias is still bullish on the direction, but I won’t chase at this level. I’ll wait for a pullback and confirmation before getting in.
What stands out most is the whale’s moves. The big players have pushed the long/short positioning ratio to 1.87—about 65% of their positions are pressing on the long side. Over the past 7 hours they also added another 10% to their holdings. The number of accounts is decreasing while positions are increasing. Straight to the point: chips are concentrating in the hands of a few. Someone is picking up at this level quite aggressively.
Looking at the order book in combination, the spot buy orders are still pressing against sell orders, and the bid-ask spread is tight. The 15-minute moving average has turned back to hold above, and the previous sell-off’s low has basically found support.
But don’t get carried away yet. Open interest is still shrinking—over the past 7 hours it dropped another 2.6%. The funding rate is hovering right around zero, and active trades are about 50/50. The main crowd hasn’t come back yet; this is just smart money moving first. Chasing is not good value here. On a pullback to around 14.5, there are still people taking it—that’s the comfortable spot.
As a cautious spot-holder myself, I’d rather wait for it to pull back once for confirmation than rush in at this level. If it holds, there’s a chance; if it can’t hold, I’ll keep watching. That’s the steady way.
#snxx $SNXX
First the conclusion: my bias is still bullish on the direction, but I won’t chase at this level. I’ll wait for a pullback and confirmation before getting in.
What stands out most is the whale’s moves. The big players have pushed the long/short positioning ratio to 1.87—about 65% of their positions are pressing on the long side. Over the past 7 hours they also added another 10% to their holdings. The number of accounts is decreasing while positions are increasing. Straight to the point: chips are concentrating in the hands of a few. Someone is picking up at this level quite aggressively.
Looking at the order book in combination, the spot buy orders are still pressing against sell orders, and the bid-ask spread is tight. The 15-minute moving average has turned back to hold above, and the previous sell-off’s low has basically found support.
But don’t get carried away yet. Open interest is still shrinking—over the past 7 hours it dropped another 2.6%. The funding rate is hovering right around zero, and active trades are about 50/50. The main crowd hasn’t come back yet; this is just smart money moving first. Chasing is not good value here. On a pullback to around 14.5, there are still people taking it—that’s the comfortable spot.
As a cautious spot-holder myself, I’d rather wait for it to pull back once for confirmation than rush in at this level. If it holds, there’s a chance; if it can’t hold, I’ll keep watching. That’s the steady way.
#snxx $SNXX