The market is now focused on $NIL —not because it has already run far, but because the volume/liquidity structure has started to become asymmetrical. In the spot market, 24h trading volume is only $2.41M, while futures are at $9.81M; the trading ratio is 4.1x. The price is at $0.0464, very close to the intraday high of $0.04786, and the funding rate is only +0.0050% so far.
What does this kind of setup look like?—People haven’t filled the entrance yet, but leverage has already taken up all the chairs. OI has also climbed to 63,690,657 NIL, which suggests that attention really has arrived. But the funding isn’t overheated, so I won’t chase. I’ll place an order back on a pullback near the $0.044 area to take a small position. If it breaks below today’s low of $0.04188, I’ll get out. $NIL #NIL
What does this kind of setup look like?—People haven’t filled the entrance yet, but leverage has already taken up all the chairs. OI has also climbed to 63,690,657 NIL, which suggests that attention really has arrived. But the funding isn’t overheated, so I won’t chase. I’ll place an order back on a pullback near the $0.044 area to take a small position. If it breaks below today’s low of $0.04188, I’ll get out. $NIL #NIL