Price is hovering just below the 141.96 peak, with bids sitting right on the order book. Spot limit orders to buy are almost twice as heavy as sell pressure. On the surface, it looks like it’s about to surge upward. But that line on the futures side has already flipped: when it comes to aggressive buying, it only makes up 27.4%, while more than 70% of the orders are dumped straight into the sell book.
In the entire segment, funding rate sampling shows eight samples and not a single one is positive. The long side can’t even be bothered to pay a little leverage fee. Even with the position size held for 7 hours, it shrank by 3.34%. Bids are pinned at the book, but real money is flowing outward. This is the shape of propping up the bid to hold the price while distributing inventory at the same time.
Compared with the 8/27 move—65.9% aggressive buy orders and the “whale” adding positions—today everything is reversed. The whale’s long accounts cut 6.87% over 7 hours, while spot big orders show net inflow with zero records across the whole sampling window. The money that once lifted the price is withdrawing from the exact same spot on the way back.
So right now, it’s simply bearish. Hanging price at the highs isn’t strength—it’s holding the price so it’s easier to unwind and dump positions outward. If it breaks below 138.6, the 24-hour low, there isn’t much support around 136.5. If you really want to flip long, you’ll need the spot big orders to turn positive again, the aggressive-buy share to return above 50%, and positions to increase and then hold steady above 141.95—all three at the same time.
#spcx $SPCX
In the entire segment, funding rate sampling shows eight samples and not a single one is positive. The long side can’t even be bothered to pay a little leverage fee. Even with the position size held for 7 hours, it shrank by 3.34%. Bids are pinned at the book, but real money is flowing outward. This is the shape of propping up the bid to hold the price while distributing inventory at the same time.
Compared with the 8/27 move—65.9% aggressive buy orders and the “whale” adding positions—today everything is reversed. The whale’s long accounts cut 6.87% over 7 hours, while spot big orders show net inflow with zero records across the whole sampling window. The money that once lifted the price is withdrawing from the exact same spot on the way back.
So right now, it’s simply bearish. Hanging price at the highs isn’t strength—it’s holding the price so it’s easier to unwind and dump positions outward. If it breaks below 138.6, the 24-hour low, there isn’t much support around 136.5. If you really want to flip long, you’ll need the spot big orders to turn positive again, the aggressive-buy share to return above 50%, and positions to increase and then hold steady above 141.95—all three at the same time.
#spcx $SPCX
