$ONDS In the past 24 hours, it has fallen nearly 5%, and the current price is hanging at 7.54. I took a quick look—its funding rate is exactly zero. This data is interesting: in a clearly declining asset, longs and shorts are actually even out on the funding rate, with nobody paying the other interest. Combined with the fact that open interest is still over 120,000, this signal tells me that the current selling pressure is more likely coming from active de-risking by spot or long-side positions in the futures, rather than shorts going all out to hunt.
When you look at the price and funding rate together, the picture becomes clear. The price is dropping, but funding is 0—meaning there isn’t a crowded short situation forming in the market. If shorts were aggressively dumping, the funding rate would typically turn negative, forcing shorts to pay longs. In this case, a more reasonable inference is that the long positions accumulated during the recent uptrend or sideways phase saw the momentum turn and started retreating; the lack of buy-side strength then caused the price to slip.
Without any news of spot counterparty activity and without a notable spike in OI, it doesn’t look like extreme battle dynamics in the derivatives market. Instead, it seems like a slow bleed caused by temporary liquidity drying up.
So my view is: $ONDS is currently in an adjustment phase where buy pressure is weak—there’s no new story or fresh capital inflow. It’s not being besieged by shorts; rather, longs are taking their hands off the ladder themselves. For short-term traders, this means rebounds lack sustained buy-side support, making chasing longs a high-risk move. On the other hand, it also temporarily reduces the chance of a violent short squeeze in the short term, since there’s no evidence that short positions are extremely concentrated.
If market sentiment suddenly turns—for example, if some on-chain activity not yet accounted for spikes, or if the funding rate turns negative for two consecutive periods and the price stabilizes above 7.54—then my assessment of weak buy pressure could be wrong. At that point, we would need to re-evaluate whether short-side power is starting to accumulate. Based on the current signals, I would choose to keep observing: I won’t touch this asset that’s looking for support, waiting either for it to print a volume-expansion long wick at a lower level, or for the funding rate to turn negative to confirm shorts entering the market.
Trading tag: #BinanceFutures #TradFi #USDⓈM #ONDS #ONDSUSDT $ONDS
When you look at the price and funding rate together, the picture becomes clear. The price is dropping, but funding is 0—meaning there isn’t a crowded short situation forming in the market. If shorts were aggressively dumping, the funding rate would typically turn negative, forcing shorts to pay longs. In this case, a more reasonable inference is that the long positions accumulated during the recent uptrend or sideways phase saw the momentum turn and started retreating; the lack of buy-side strength then caused the price to slip.
Without any news of spot counterparty activity and without a notable spike in OI, it doesn’t look like extreme battle dynamics in the derivatives market. Instead, it seems like a slow bleed caused by temporary liquidity drying up.
So my view is: $ONDS is currently in an adjustment phase where buy pressure is weak—there’s no new story or fresh capital inflow. It’s not being besieged by shorts; rather, longs are taking their hands off the ladder themselves. For short-term traders, this means rebounds lack sustained buy-side support, making chasing longs a high-risk move. On the other hand, it also temporarily reduces the chance of a violent short squeeze in the short term, since there’s no evidence that short positions are extremely concentrated.
If market sentiment suddenly turns—for example, if some on-chain activity not yet accounted for spikes, or if the funding rate turns negative for two consecutive periods and the price stabilizes above 7.54—then my assessment of weak buy pressure could be wrong. At that point, we would need to re-evaluate whether short-side power is starting to accumulate. Based on the current signals, I would choose to keep observing: I won’t touch this asset that’s looking for support, waiting either for it to print a volume-expansion long wick at a lower level, or for the funding rate to turn negative to confirm shorts entering the market.
Trading tag: #BinanceFutures #TradFi #USDⓈM #ONDS #ONDSUSDT $ONDS