$ONG — Buying pressure hit its peak at 0.228, and now the picture has started to reverse. 👀
In the previous update, funding rates fell to -2.00%, while most traders were in short positions (Short) and paying high funding costs.
From there, the price jumped to 0.228 before pulling back again to its current levels near 0.118.
Now, the L/S ratio has risen to 1.43, meaning traders have flipped to long positions (Long). But funding is still negative at -0.14%, which is a bit inconsistent.
Typically, negative funding means short-position holders pay long-position holders. And since the market has already shifted to Long, continuing negative funding feels like a lag in the funding reflection relative to the shift in market positioning.
As for OI, it fell by 11.6% while the price rose by 11.89%.
This suggests that there’s no clear inflow of new money—rather, existing positions are being closed or repriced.
Large traders’ positions at 1.05 are very close to the market ratio at 1.43—there’s no clear split in direction.
Over the last 24 hours, positions worth $9.71 million were liquidated, roughly double the $5.07 million in the prior period. ⚠️
How should I read the picture?
The previous Squeeze theory has fully played out and reached its peak.
As for now, the indicators suggest that this mechanism is starting to lose
In the previous update, funding rates fell to -2.00%, while most traders were in short positions (Short) and paying high funding costs.
From there, the price jumped to 0.228 before pulling back again to its current levels near 0.118.
Now, the L/S ratio has risen to 1.43, meaning traders have flipped to long positions (Long). But funding is still negative at -0.14%, which is a bit inconsistent.
Typically, negative funding means short-position holders pay long-position holders. And since the market has already shifted to Long, continuing negative funding feels like a lag in the funding reflection relative to the shift in market positioning.
As for OI, it fell by 11.6% while the price rose by 11.89%.
This suggests that there’s no clear inflow of new money—rather, existing positions are being closed or repriced.
Large traders’ positions at 1.05 are very close to the market ratio at 1.43—there’s no clear split in direction.
Over the last 24 hours, positions worth $9.71 million were liquidated, roughly double the $5.07 million in the prior period. ⚠️
How should I read the picture?
The previous Squeeze theory has fully played out and reached its peak.
As for now, the indicators suggest that this mechanism is starting to lose