$LINK rubbing against the news about Coinbase tokenized stocks, probing back to 11.74—yesterday’s peak at 11.79 is just a hair away. No matter how lively the news gets, I only care about one thing: the people who borrowed money to go long yesterday—are they still there?
Twelve-hour borrowing has collapsed by 94% compared with going directly under—negative growth is hanging there. That leverage position that was propping things up yesterday? Today it’s nowhere to be seen.
Futures won’t recognize it either. Selling market orders have overwhelmed buys; the funding fee at 0.01% has been sitting there all day. After a week of gains, it still won’t lift a finger to pay interest. For spot, after three hours the big orders are still net selling—there isn’t even a single candle that’s genuinely positive. Not a drop of money has come in; it’s all being held up by news and talk.
As for this trade today, I’m short. I’ll wait until some day when spot big orders genuinely show net inflows with real money, and when the leveraged side also actually starts paying interest—then I’ll swallow this again. #link $LINK
Twelve-hour borrowing has collapsed by 94% compared with going directly under—negative growth is hanging there. That leverage position that was propping things up yesterday? Today it’s nowhere to be seen.
Futures won’t recognize it either. Selling market orders have overwhelmed buys; the funding fee at 0.01% has been sitting there all day. After a week of gains, it still won’t lift a finger to pay interest. For spot, after three hours the big orders are still net selling—there isn’t even a single candle that’s genuinely positive. Not a drop of money has come in; it’s all being held up by news and talk.
As for this trade today, I’m short. I’ll wait until some day when spot big orders genuinely show net inflows with real money, and when the leveraged side also actually starts paying interest—then I’ll swallow this again. #link $LINK
