PUMP: The funniest thing about this round—prices are clearly falling, yet within a single day they’re still down nearly 8 points. For the contract whales, the long position share has been increased by another 13% over the past seven hours. The leverage from on-chain borrowing to go long flipped on its side after 12 hours, +82%.
But the longs refuse to put up the money. Active buying orders are now only 43%. Over the next seven hours they dropped another 18%. The funding rate is 0.005%—it’s basically like they didn’t pay at all. The basis has turned negative; not a single cent of premium is willing to be paid. A 15-minute on-exchange spot order: the big orders turned around and net outflow is 35 million. Those thick buy orders just posted a moment ago were all “paper thickness.”
The fuel is gone, but the people are still stubbornly pushing: whales add longs, retail borrows and adds longs, and together they serve as the bag-holders for the front-end profit-taking crowd that’s already up 77%. If there really were some good news, they wouldn’t be stingy to the point of not even paying the funding.
Bearish. Today’s low is 0.00455; if that can’t hold, the next stop is 0.00344. Unless spot big orders start sustaining a net inflow again and the funding rate turns positive with volume, and it reclaims above 0.005—this is the script for a coordinated net-closing.
#pump $PUMP
But the longs refuse to put up the money. Active buying orders are now only 43%. Over the next seven hours they dropped another 18%. The funding rate is 0.005%—it’s basically like they didn’t pay at all. The basis has turned negative; not a single cent of premium is willing to be paid. A 15-minute on-exchange spot order: the big orders turned around and net outflow is 35 million. Those thick buy orders just posted a moment ago were all “paper thickness.”
The fuel is gone, but the people are still stubbornly pushing: whales add longs, retail borrows and adds longs, and together they serve as the bag-holders for the front-end profit-taking crowd that’s already up 77%. If there really were some good news, they wouldn’t be stingy to the point of not even paying the funding.
Bearish. Today’s low is 0.00455; if that can’t hold, the next stop is 0.00344. Unless spot big orders start sustaining a net inflow again and the funding rate turns positive with volume, and it reclaims above 0.005—this is the script for a coordinated net-closing.
#pump $PUMP
