Yesterday we were still talking big about stacking positions up 10.8%—the longs finally moved for real. Today, futures open interest was cut by 14.5% in a single day, and the price dropped right along with it by -10%. With the same batch of money, the harder you rush in, the faster you run out.
SNXX is a 2x leveraged product. Every small move down in the underlying gets rolled double by the leverage. Leveraged long positions can’t withstand the volatility, so they can only cut losses. The price falls together with OI—this is liquidation-driven downside, not a shakeout.
Now the funding rates have turned negative, at -0.09%. It looks like shorts are crowded and the drop can’t go further—yet active sell orders still account for 57.4%. Meanwhile, net inflow from large spot orders is zero, and the thin buying liquidity in the order book can’t support the market. Whale accounts are still up, but long positions are still at 71.7%. Those old long lots that haven’t been exited yet are the fuel for the next round of liquidations.
Both the 4H and daily charts are DOWN, and price is trading below the MA20/MA50. Place shorts in the moving-average zone between 12.65 and 12.74 on the bounce. If it breaks 12.47, look for 12.2 and 12.0; set the stop-loss above 13.1. Short—don’t catch the falling knife.
Only if OI ramps up again, funding returns to positive, and price reclaims above 13.06 can we say the bulls have truly come back. Until then, every bounce is the shorts handing out prices.
#snxx $SNXX
SNXX is a 2x leveraged product. Every small move down in the underlying gets rolled double by the leverage. Leveraged long positions can’t withstand the volatility, so they can only cut losses. The price falls together with OI—this is liquidation-driven downside, not a shakeout.
Now the funding rates have turned negative, at -0.09%. It looks like shorts are crowded and the drop can’t go further—yet active sell orders still account for 57.4%. Meanwhile, net inflow from large spot orders is zero, and the thin buying liquidity in the order book can’t support the market. Whale accounts are still up, but long positions are still at 71.7%. Those old long lots that haven’t been exited yet are the fuel for the next round of liquidations.
Both the 4H and daily charts are DOWN, and price is trading below the MA20/MA50. Place shorts in the moving-average zone between 12.65 and 12.74 on the bounce. If it breaks 12.47, look for 12.2 and 12.0; set the stop-loss above 13.1. Short—don’t catch the falling knife.
Only if OI ramps up again, funding returns to positive, and price reclaims above 13.06 can we say the bulls have truly come back. Until then, every bounce is the shorts handing out prices.
#snxx $SNXX
