A 24-hour one-sided selloff of 8.34% brought $SOXL 's price back to 102.21, but the funding rate is still positive at 0.0002. This combination is not good: the price is falling, yet longs are still paying, which suggests that people who used leverage to bottom-fish in the previous round are now trapped, and quite deeply trapped at that.

Old Dog checked the open interest: 1.72 million contracts, and the notional amount is not small.

Trading tags: #BinanceFutures #TradFi #USDⓈM #SOXL #SOXLUSDT $SOXL