$SNOW has fallen 5.205% over the past 24 hours, and is now priced at 339.32, while the funding rate has gone to zero. This combination says a lot: price is declining, but neither side in the derivatives market is willing to pay, so sentiment is in a neutral stalemate. This is not a typical short squeeze, because a negative funding rate would push up funding costs. It looks more like some spot holders are exiting, while the futures order book is following but not aggressively shorting. If open interest does not increase significantly, this kind of gradual decline may continue. I will wait for the price to hold above 340 or for the funding rate to show a directional divergence before considering whether to try a small position. For now, I am only watching.

Trading tag: #TradFi #链上美股 #SNOW

Where do you think this line of reasoning is most likely to be wrong?