$USELESS has something going on tonight.
It jumped 3.5% in just 15 minutes, with volume expanding to 3 times the usual level. OI also rose in sync by 2.33%, and this was a move driven by both spot and futures together, not just some derivatives-only shenanigans.
Funding rates have already surged to +0.0697%, at the 98th percentile — this is already an extremely crowded trading setup in the near term. Longs are adding leverage, and they’re adding it pretty aggressively. 24-hour trading volume hit $330 million, and for something called “USELESS,” that number is anything but useless.
But honestly, in a market crowded by funding like this, the faster it rises, the more careful you need to be. A high rate means long positions are getting more expensive to hold, and once the move stalls, I’ve seen too many cascading liquidation scenes. Chasing longs now is definitely not the best play; if you already hold, mind your profit-taking. If you’re flat, just watch the show.
Not every green candle needs to be chased.
It jumped 3.5% in just 15 minutes, with volume expanding to 3 times the usual level. OI also rose in sync by 2.33%, and this was a move driven by both spot and futures together, not just some derivatives-only shenanigans.
Funding rates have already surged to +0.0697%, at the 98th percentile — this is already an extremely crowded trading setup in the near term. Longs are adding leverage, and they’re adding it pretty aggressively. 24-hour trading volume hit $330 million, and for something called “USELESS,” that number is anything but useless.
But honestly, in a market crowded by funding like this, the faster it rises, the more careful you need to be. A high rate means long positions are getting more expensive to hold, and once the move stalls, I’ve seen too many cascading liquidation scenes. Chasing longs now is definitely not the best play; if you already hold, mind your profit-taking. If you’re flat, just watch the show.
Not every green candle needs to be chased.