$SNOW In one day it surged 20.685%, with the price reaching 377.19. The old-timer took a glance at the funding rate—it’s negative, -0.00104567, meaning shorts are paying.
This setup is a textbook short squeeze. The price rockets higher, yet open interest is only 9,570 contracts—worth just a few million USD at the current price—while the 24-hour trading volume hit 26.30 million. Low open interest, high turnover indicates that in the short term, funds are rapidly rotating positions, aggressively eating through shorts’ stop-loss orders. A negative funding rate is the explicit cost of shorts being forced to cut losses.
Trading tag: #BinanceFutures #TradFi #USDⓈM #SNOW #SNOWUSDT $SNOW
This setup is a textbook short squeeze. The price rockets higher, yet open interest is only 9,570 contracts—worth just a few million USD at the current price—while the 24-hour trading volume hit 26.30 million. Low open interest, high turnover indicates that in the short term, funds are rapidly rotating positions, aggressively eating through shorts’ stop-loss orders. A negative funding rate is the explicit cost of shorts being forced to cut losses.
Trading tag: #BinanceFutures #TradFi #USDⓈM #SNOW #SNOWUSDT $SNOW