Old dog scanned $SKUU ; in 24 hours it fell 7.1%, and the price is now 27.97. Putting this drawdown into the “US stocks” pool on the BNB Chain, it isn’t small. More importantly, its funding rate is sitting right at zero.
This is a typical one-way selloff, but the zero funding rate hides market disagreement. Longs don’t have to pay shorts, and shorts don’t have to pay longs—everything looks calm on the surface. But the price has actually gone down, which means the selling pressure is one-sided and buy orders can’t hold it back at all. Open interest is still 31,400 (3.14万). I don’t see large-scale liquidations, which suggests many longs are still holding on. That, in turn, becomes a potential fuel tank for shorts.
I think this is a downward continuation. A zero funding rate itself doesn’t provide direction, but combined with the price drop, it only means longs haven’t been forced to pay funding to maintain positions—costs are not hurting them for now. The real risk is that if the price keeps grinding lower, these held positions will gradually burn through margin. If it breaks below the current price area, say around 27.5, it could trigger a round of passive deleveraging.
The strongest counter-evidence is that the zero funding rate could also be the calm before the storm. Once there’s any opposite price movement, it may quickly cause shorts to cover. But right now, I don’t see that signal.
My move is very clear: wait and watch—don’t touch.
Trading tag: #BinanceFutures #TradFi #USDⓈM #SKUU #SKUUUSDT $SKUU
This is a typical one-way selloff, but the zero funding rate hides market disagreement. Longs don’t have to pay shorts, and shorts don’t have to pay longs—everything looks calm on the surface. But the price has actually gone down, which means the selling pressure is one-sided and buy orders can’t hold it back at all. Open interest is still 31,400 (3.14万). I don’t see large-scale liquidations, which suggests many longs are still holding on. That, in turn, becomes a potential fuel tank for shorts.
I think this is a downward continuation. A zero funding rate itself doesn’t provide direction, but combined with the price drop, it only means longs haven’t been forced to pay funding to maintain positions—costs are not hurting them for now. The real risk is that if the price keeps grinding lower, these held positions will gradually burn through margin. If it breaks below the current price area, say around 27.5, it could trigger a round of passive deleveraging.
The strongest counter-evidence is that the zero funding rate could also be the calm before the storm. Once there’s any opposite price movement, it may quickly cause shorts to cover. But right now, I don’t see that signal.
My move is very clear: wait and watch—don’t touch.
Trading tag: #BinanceFutures #TradFi #USDⓈM #SKUU #SKUUUSDT $SKUU