$USELESS open interest is rising but the funding rate hasn’t taken off—this is interesting. Leverage is increasing, yet longs aren’t paying much of a premium. That suggests spot is in control, not leverage artificially pushing a fake spike. In the past month, net inflows from “whales” totaled about $12 million. Wintermute has continued withdrawing purchases from Binance and Bybit, accumulating over $10 million on-chain—real money propping things up. Exchange net outflows have been negative for ten straight days, with over 45 million coins leaving CEX; the amount of sellable supply on the market is shrinking.
Go long directly at 0.26–0.28, stop loss below 0.23. First target is the prior high at 0.33. If volume breaks through decisively, then look at 0.40 and 0.44. Short accounts are in the majority, but large positions are still tilted long. Retail shorts are the fuel—so the direction is still more bullish.
Go long directly at 0.26–0.28, stop loss below 0.23. First target is the prior high at 0.33. If volume breaks through decisively, then look at 0.40 and 0.44. Short accounts are in the majority, but large positions are still tilted long. Retail shorts are the fuel—so the direction is still more bullish.
