Contract Order Book Daily｜9/17 Longs swarm, yet the sell side is harsher
In the morning, I checked the contract order book and found a set of data that really clashes.
The current price of $BTC is $75,671, up just 0.05% over 24 hours—basically unchanged.
But the funding rate has spiked to 0.82%. On the long side, money is still continuously being added to roll over positions.
The position structure is even stranger.
The share of longs across the market has surged to 60%, and the book looks one-sidedly optimistic.
However, in actual trades, the aggressive sell orders are pressing harder than the buy side; the buy-sell ratio is only 0.57.
Everyone is shouting “go long” with their mouths, but many people are selling with their hands. When this kind of disagreement builds up, it’s easy to get amplified the moment the price moves due to any small change in sentiment.
Open interest also hasn’t slowed down.
The total open contract positions across the market have risen to $8.169 billion, up another 0.7% from the previous day.
This suggests leverage hasn’t been withdrawn—only the direction hasn’t been agreed upon yet.
On the macro front, the Fed delivered a 25-basis-point rate hike, the first time since July 2023.
$BTC and $ETH jumped briefly, then stabilized; the sentiment index is stuck at 51—lukewarm, neither cold nor hot.
The regulatory angle is even more tangled. The Senate didn’t push a clear crypto bill through. The SEC and CFTC, instead, said they plan to use existing authority to set rules themselves. Meanwhile, the House’s tax reform passed the committee smoothly, 38 to 5.
This attempt to rely on legislation for relief has fallen flat, but regulators don’t intend to stop.
There’s also one operation that stands out: a large holder cleared out $64 million worth of $BTC , switching into $ETH —a classic rebalancing move.
In smaller coins, the funding rates are even more extreme and are worth taking a closer look.
The funding rates for CVC, STEEM, and IOST have all dipped to around negative 0.6%. Shorts are effectively paying to hold; if there’s a rebound, it can quickly force squeezes and liquidations.
On the other hand, rates for GPRO and AIN are up to positive 0.1% to 0.3%. Longs are already squeezed quite a bit, so a pullback isn’t really surprising.
The price hasn’t changed much, but funding rates and positions are quietly adding exposure.
When your words and actions don’t match, taking a second look at the funding rate curve won’t hurt.
Claude Fable 5 assists with content generation; content is for market information reference only and does not constitute investment advice.
In the morning, I checked the contract order book and found a set of data that really clashes.
The current price of $BTC is $75,671, up just 0.05% over 24 hours—basically unchanged.
But the funding rate has spiked to 0.82%. On the long side, money is still continuously being added to roll over positions.
The position structure is even stranger.
The share of longs across the market has surged to 60%, and the book looks one-sidedly optimistic.
However, in actual trades, the aggressive sell orders are pressing harder than the buy side; the buy-sell ratio is only 0.57.
Everyone is shouting “go long” with their mouths, but many people are selling with their hands. When this kind of disagreement builds up, it’s easy to get amplified the moment the price moves due to any small change in sentiment.
Open interest also hasn’t slowed down.
The total open contract positions across the market have risen to $8.169 billion, up another 0.7% from the previous day.
This suggests leverage hasn’t been withdrawn—only the direction hasn’t been agreed upon yet.
On the macro front, the Fed delivered a 25-basis-point rate hike, the first time since July 2023.
$BTC and $ETH jumped briefly, then stabilized; the sentiment index is stuck at 51—lukewarm, neither cold nor hot.
The regulatory angle is even more tangled. The Senate didn’t push a clear crypto bill through. The SEC and CFTC, instead, said they plan to use existing authority to set rules themselves. Meanwhile, the House’s tax reform passed the committee smoothly, 38 to 5.
This attempt to rely on legislation for relief has fallen flat, but regulators don’t intend to stop.
There’s also one operation that stands out: a large holder cleared out $64 million worth of $BTC , switching into $ETH —a classic rebalancing move.
In smaller coins, the funding rates are even more extreme and are worth taking a closer look.
The funding rates for CVC, STEEM, and IOST have all dipped to around negative 0.6%. Shorts are effectively paying to hold; if there’s a rebound, it can quickly force squeezes and liquidations.
On the other hand, rates for GPRO and AIN are up to positive 0.1% to 0.3%. Longs are already squeezed quite a bit, so a pullback isn’t really surprising.
The price hasn’t changed much, but funding rates and positions are quietly adding exposure.
When your words and actions don’t match, taking a second look at the funding rate curve won’t hurt.
Claude Fable 5 assists with content generation; content is for market information reference only and does not constitute investment advice.
