$BNB It’s now 683, and that morning 727 top-sack dip came up and then retreated again. In one day it fell six points from the high. The spot market is even softer than the futures, and in the past 24 hours, it has been posted for five-plus points. Is it another script like this?
I do recognize this rally. Really, I do. A week up from 600, it gained 12%. In three days it nearly added 9 points. In the last three hours, spot saw twelve candle pillars with not a single negative one—money really did come in; it can’t be blamed on anything else.
But when it got pushed to 727, the “taste” changed. Open interest also kept rising, yet price kept grinding downward. The number of主动卖 (active sells) was nearly double the number of buys. The bulls couldn’t hold on anymore.
Funding fees are still hanging positive, sure, but that pillar of leverage borrowing collapsed by more than 80%. People who borrowed money to go long first started to pull out. Big accounts are also cutting back, leaving only those long positions being carried.
Spot is even more tangled: in the last three hours it’s still showing strong net inflow on orders, but in the most recent fifteen minutes, large orders flipped into net outflow. Money comes in fast, and it leaves just as fast—this kind of switching is the most grinding.
At this level, I won’t chase. If I chase in, I’d just be lifting the sedan for the move ahead—waiting for it to chew through the 727 trapped-position bids before considering anything else. That’s all.
#bnb $BNB
I do recognize this rally. Really, I do. A week up from 600, it gained 12%. In three days it nearly added 9 points. In the last three hours, spot saw twelve candle pillars with not a single negative one—money really did come in; it can’t be blamed on anything else.
But when it got pushed to 727, the “taste” changed. Open interest also kept rising, yet price kept grinding downward. The number of主动卖 (active sells) was nearly double the number of buys. The bulls couldn’t hold on anymore.
Funding fees are still hanging positive, sure, but that pillar of leverage borrowing collapsed by more than 80%. People who borrowed money to go long first started to pull out. Big accounts are also cutting back, leaving only those long positions being carried.
Spot is even more tangled: in the last three hours it’s still showing strong net inflow on orders, but in the most recent fifteen minutes, large orders flipped into net outflow. Money comes in fast, and it leaves just as fast—this kind of switching is the most grinding.
At this level, I won’t chase. If I chase in, I’d just be lifting the sedan for the move ahead—waiting for it to chew through the 727 trapped-position bids before considering anything else. That’s all.
#bnb $BNB