Contract trading volume is 11.2 times spot volume, funding rates are still sitting at +0.0048%, but with $BTC spot left at only 78891, the 24-hour high of 82300 has been pressed all the way down to 78660. Long positions are still in the market, and price hasn’t held up. Chasing a story like “one address turned 5650 dollars into 2.4 million” in this kind of tape can easily turn trading into a lottery.
My stance on this kind of news is very straightforward: on-chain myths are worth watching, but not worth using as an entry reason. Especially now, open interest is still at 109,946 BTC, which means leverage in the derivatives market hasn’t been fully washed out. The main pools are all squeezing, and small-cap liquidity is even less able to give you a decent exit.
As for me, I didn’t touch PONS, and I didn’t chase similar names. At $BTC , I only placed a long test at 78200, stop loss at 77600, position size 4%. If it bounces but can’t break 80000, I won’t add. The point of disagreement is right here: some people see a wealth effect, while I see exit channels getting narrower and narrower. $BTC #BTC
That’s my view; your money, your decision.
My stance on this kind of news is very straightforward: on-chain myths are worth watching, but not worth using as an entry reason. Especially now, open interest is still at 109,946 BTC, which means leverage in the derivatives market hasn’t been fully washed out. The main pools are all squeezing, and small-cap liquidity is even less able to give you a decent exit.
As for me, I didn’t touch PONS, and I didn’t chase similar names. At $BTC , I only placed a long test at 78200, stop loss at 77600, position size 4%. If it bounces but can’t break 80000, I won’t add. The point of disagreement is right here: some people see a wealth effect, while I see exit channels getting narrower and narrower. $BTC #BTC
That’s my view; your money, your decision.