$LINK It's now 10.57; it slid down from the 10.89 top. Over seven days, it climbed up from 8.6 by more than twenty points. It broke the wall and touched the high—White House, ETFs, Wyoming moving CCIP. The “drag” crowd kept shouting as if a bull market landing had happened.
I admit the rally—I see this move is truly strong. But the money, the more I look at it, the more it feels虚 (empty/unreal).
The last three hours’ funds are still propping it up. Recently, every order is sell-side pressure crushing the buy side. On the order book, the sell orders are piled thicker than the buys. Even the whales’ long positions that were left on overnight are still being reduced—open interest hasn’t moved much; what’s changing is the big players’ positioning. Who withdrew first? You should have some idea.
Funding rates have turned negative. The basis is sticking around fair value and drifting downward. For the past hour, it’s just stalled here at 10.6. It can’t push higher. Once it’s gotten to this level, there aren’t many funds willing to chase it anymore.
I’m not cursing it to fall. It’s just that chasing it while it’s up against the ceiling—its cost-effectiveness really isn’t great. I won’t chase at this spot. I’ll wait until it pulls back through and then see how many people are willing to catch it—don’t stand on the same line as those “拖们” (the rampers).
#link $LINK
I admit the rally—I see this move is truly strong. But the money, the more I look at it, the more it feels虚 (empty/unreal).
The last three hours’ funds are still propping it up. Recently, every order is sell-side pressure crushing the buy side. On the order book, the sell orders are piled thicker than the buys. Even the whales’ long positions that were left on overnight are still being reduced—open interest hasn’t moved much; what’s changing is the big players’ positioning. Who withdrew first? You should have some idea.
Funding rates have turned negative. The basis is sticking around fair value and drifting downward. For the past hour, it’s just stalled here at 10.6. It can’t push higher. Once it’s gotten to this level, there aren’t many funds willing to chase it anymore.
I’m not cursing it to fall. It’s just that chasing it while it’s up against the ceiling—its cost-effectiveness really isn’t great. I won’t chase at this spot. I’ll wait until it pulls back through and then see how many people are willing to catch it—don’t stand on the same line as those “拖们” (the rampers).
#link $LINK