BMNR rose 3.444%, and the price climbed above 25.83, but funding stayed unchanged at 0. That combination is interesting: the price went up, but neither longs nor shorts paid the other side, which suggests the move was not driven by short covering.
I checked the OI, and from yesterday to today it increased by nearly 560,000 contracts. With price up, OI up, and funding at 0, the conclusion is pretty clear: this is not a short squeeze where shorts are forced out, but rather fresh long money coming in and actively bidding the price up. Buyers are willing to open new positions at the current price level and are not afraid to pay funding fees. That points to a demand-side signal. Without a comparison to other assets in the same sector, looking at BMNR’s own structure alone, this is currently an upward move driven by liquidity rather than a passive squeeze caused by positioning.
So my view is: as long as the price can hold above 25.5, which is the high-volume area over the past 24 hours, the logic behind this new long accumulation has not broken. I lean toward holding and observing, not chasing higher, but also not rushing to exit. If it falls below 25.5 and OI starts dropping quickly, that would mean longs are backing out, and this level would fail. In that case, I would exit immediately.
Trading tag: #BinanceFutures #TradFi #USDⓈM #BMNR #BMNRUSDT $BMNR
I checked the OI, and from yesterday to today it increased by nearly 560,000 contracts. With price up, OI up, and funding at 0, the conclusion is pretty clear: this is not a short squeeze where shorts are forced out, but rather fresh long money coming in and actively bidding the price up. Buyers are willing to open new positions at the current price level and are not afraid to pay funding fees. That points to a demand-side signal. Without a comparison to other assets in the same sector, looking at BMNR’s own structure alone, this is currently an upward move driven by liquidity rather than a passive squeeze caused by positioning.
So my view is: as long as the price can hold above 25.5, which is the high-volume area over the past 24 hours, the logic behind this new long accumulation has not broken. I lean toward holding and observing, not chasing higher, but also not rushing to exit. If it falls below 25.5 and OI starts dropping quickly, that would mean longs are backing out, and this level would fail. In that case, I would exit immediately.
Trading tag: #BinanceFutures #TradFi #USDⓈM #BMNR #BMNRUSDT $BMNR