$PAYP current price 18.76, up 3.134% over the past 24 hours. The funding rate is 0. In a backdrop of rising prices, a zero funding rate is a rare silent signal. This typically means that the leveraged long and short forces in the derivatives market are in an extreme state of balance—neither side is paying costs to squeeze the other. The rally lacks the push from newly leveraged long positions, and is more likely driven by spot buying.

My view is that the market is waiting for a macro catalyst that will break the equilibrium.

Trading tag: #TradFi #链上美股 #PAYP

Where do you think this set of judgments is most likely to be wrong?