$GDX 24h fell 2.884%, price 98.34. The funding rate is still positive at 0.00057235, OI 4224.81. A falling price with positive funding indicates that trapped long positions have not stopped out. Judging that macro leverage hasn’t been fully wiped out, it may be pushed down one more time later. The single signal is a divergence between price and funding. The counter-evidence is that OI drops quickly while the price continues to weaken, which means longs are surrendering, so the thesis is invalid. In terms of action: don’t enter long now; wait until funding turns negative or the price moves back above 98.34.

Trading tag: #TradFi #链上美股 #GDX

Where do you think this setup is most likely to be wrong?