Contract Order Book Daily Report｜9/1 Noon: Spot Adds, Miscellaneous Coin Fees Max Out
$BTC mark price is 78.5万, up nearly 1% over 24 hours. Open interest rose 2.4% in a single day to $8.476 billion. The long/short ratio is stuck at 50/50, and the active buy side is only 9% higher than the sell side.
Taken together, these numbers suggest this rally wasn’t driven by a sudden, aggressive leverage push. Funding rates also support this: BTC is at just 0.0083%, ETH 0.0075%, both relatively mild. Even BNB is basically zero—nobody is rushing to open leveraged longs and pay for it.
The spot market, however, is seeing action. This week, Strive bought another 1,800 BTC, spending $143 million. It’s the same playbook as the earlier institutional coin-hoarding—money is flowing into spot rather than being stacked into derivatives leverage.
Strategy is also trading blows with MSCI—opposing the exclusion of Bitcoin treasury/custodian companies from the index. In plain terms, these kinds of firms are currently in a sensitive position, and any move to the index rules can swing their valuation logic.
Another item worth noting, but don’t overinterpret: reports say North Korean hackers transferred tens of millions of dollars on Hyperliquid, coinciding with the timing of Trump pushing for crypto platforms to “return to shore.” If such large-scale fund movements show up on a derivatives platform, it’s worth recording, but for now there’s no clear sign of a direct impact on market sentiment.
The rates that really get maxed out are on smaller coins. The fees for BSP, TUT, and SKR have fallen to between -0.3% and -0.5%. Shorts are bunched tightly together—if price rebounds, they’re likely to get squeezed. On the other side, BNC, QNTX, and SHAZ have jumped to between +0.15% and +0.47%. Longs are piled in too heavily, and any pullback hurts just as much. The sentiment index is 69—greed territory—but leverage hasn’t gone haywire. The real risk lies in these small coins’ extreme funding/fee levels, not in the big “BTC-style” moves.
Live trading disclosure: This account currently holds $FOGO long positions. The views in this post are consistent with the actual positions.
This content was generated with assistance from Claude Fable 5 for informational reference only—please verify it yourself.
$BTC mark price is 78.5万, up nearly 1% over 24 hours. Open interest rose 2.4% in a single day to $8.476 billion. The long/short ratio is stuck at 50/50, and the active buy side is only 9% higher than the sell side.
Taken together, these numbers suggest this rally wasn’t driven by a sudden, aggressive leverage push. Funding rates also support this: BTC is at just 0.0083%, ETH 0.0075%, both relatively mild. Even BNB is basically zero—nobody is rushing to open leveraged longs and pay for it.
The spot market, however, is seeing action. This week, Strive bought another 1,800 BTC, spending $143 million. It’s the same playbook as the earlier institutional coin-hoarding—money is flowing into spot rather than being stacked into derivatives leverage.
Strategy is also trading blows with MSCI—opposing the exclusion of Bitcoin treasury/custodian companies from the index. In plain terms, these kinds of firms are currently in a sensitive position, and any move to the index rules can swing their valuation logic.
Another item worth noting, but don’t overinterpret: reports say North Korean hackers transferred tens of millions of dollars on Hyperliquid, coinciding with the timing of Trump pushing for crypto platforms to “return to shore.” If such large-scale fund movements show up on a derivatives platform, it’s worth recording, but for now there’s no clear sign of a direct impact on market sentiment.
The rates that really get maxed out are on smaller coins. The fees for BSP, TUT, and SKR have fallen to between -0.3% and -0.5%. Shorts are bunched tightly together—if price rebounds, they’re likely to get squeezed. On the other side, BNC, QNTX, and SHAZ have jumped to between +0.15% and +0.47%. Longs are piled in too heavily, and any pullback hurts just as much. The sentiment index is 69—greed territory—but leverage hasn’t gone haywire. The real risk lies in these small coins’ extreme funding/fee levels, not in the big “BTC-style” moves.
Live trading disclosure: This account currently holds $FOGO long positions. The views in this post are consistent with the actual positions.
This content was generated with assistance from Claude Fable 5 for informational reference only—please verify it yourself.
