Within 24 hours, $BTR plunged by 51.56%, with the price falling to $0.04333, while the perpetual contract funding rate is deeply negative at -0.00098783. This is a typical market state where longs are squeezed out and shorts are in extreme control.
Core judgment: Under dual sell pressure in both the spot and futures markets, $BTR has entered the early stage of a high-risk death spiral. In the short term, any rebound is an opportunity to escape rather than a bottom-fishing signal.
Evidence chain: The price is effectively cut in half while an extremely negative funding rate occurs at the same time. A negative funding rate means shorts must pay funding to longs, which usually happens when a large number of long positions get liquidated or longs actively withdraw. In that situation, the short side becomes extremely overcrowded, and spot buy-side demand dries up. The sharp crash directly confirms that spot selling pressure is enormous.
Strong counter-evidence: In the last 24 hours, the price has already dropped by more than half. There is a possibility of a technical rebound or shorts taking profit after piling up, which could trigger a rapid upswing.
Second-order impact: The next forced action will be from highly leveraged longs. Deeply negative funding will continue to drain their position costs, and the price decline will directly erode their margin. This can lead to a chain of liquidations, and the liquidation sell orders themselves will become new market selling pressure—paid for by longs—while liquidity concentrates toward shorts.
Core judgment: Under dual sell pressure in both the spot and futures markets, $BTR has entered the early stage of a high-risk death spiral. In the short term, any rebound is an opportunity to escape rather than a bottom-fishing signal.
Evidence chain: The price is effectively cut in half while an extremely negative funding rate occurs at the same time. A negative funding rate means shorts must pay funding to longs, which usually happens when a large number of long positions get liquidated or longs actively withdraw. In that situation, the short side becomes extremely overcrowded, and spot buy-side demand dries up. The sharp crash directly confirms that spot selling pressure is enormous.
Strong counter-evidence: In the last 24 hours, the price has already dropped by more than half. There is a possibility of a technical rebound or shorts taking profit after piling up, which could trigger a rapid upswing.
Second-order impact: The next forced action will be from highly leveraged longs. Deeply negative funding will continue to drain their position costs, and the price decline will directly erode their margin. This can lead to a chain of liquidations, and the liquidation sell orders themselves will become new market selling pressure—paid for by longs—while liquidity concentrates toward shorts.