$GDX current price 98.34, down 2.884% over the past 24 hours. Funding is still positive at 0.00057235. With the price falling while the funding rate is positive, longs are paying to hold the positions—so longs are the ones paying. I prefer not to take longs on this structure, and I won’t chase it even if it rebounds near 98.34. Open interest is 4224.81; I haven’t seen the basis for a short squeeze. The positive funding rate looks more like longs are piled on the wrong side.

Invalidation conditions: funding turns negative, or the price moves back above 98.34 and open interest declines again.

Trading tag: #TradFi #链上美股 #GDX

Where do you think this set of 판단 is most likely to be wrong?