The old dog glanced at $CRDO and pushed it down 22.19% in 24 hours—this drawdown is pretty fierce among on-chain U.S.-stock-style assets. The price is currently stuck at 164.88. The key point is the funding rate of 0.00054583, and it’s still positive.
A funding rate greater than zero means longs are paying shorts, so in terms of market sentiment, longs are still crowded. The price has plunged hard, but the funding rate hasn’t dropped, which suggests that in this selloff the longs haven’t fully exited—there may even be aggressive adding against the trend. The open interest at 31249.77 hasn’t shown a cliff-like drop, which supports that.
Trading tag: #BinanceFutures #TradFi #USDⓈM #CRDO #CRDOUSDT $CRDO
A funding rate greater than zero means longs are paying shorts, so in terms of market sentiment, longs are still crowded. The price has plunged hard, but the funding rate hasn’t dropped, which suggests that in this selloff the longs haven’t fully exited—there may even be aggressive adding against the trend. The open interest at 31249.77 hasn’t shown a cliff-like drop, which supports that.
Trading tag: #BinanceFutures #TradFi #USDⓈM #CRDO #CRDOUSDT $CRDO