Derivatives Order Book Daily | 9/19 The memecoin rally outpaces the “big pie,” selling pressure doesn’t ease
At 11 p.m., I scanned the derivatives order book again—four key funding rates turned positive across the board.
$BTC spot price is $81.5k, up 0.84%, funding rate 0.01%—stable, but not exactly aggressive.
$ETH is up 2.17% and $BNB up 1.33%; their gains are well ahead of $BTC .
With funding rates fully turning positive, it suggests longs are willing to pay to hold positions—sentiment doesn’t look too bad.
But the order book underneath tells a different story.
$BTC open interest is $8.818B, down 1.5% in a day.
Long-side accounts are 48%, while short-side accounts are actually more.
The passive buy/sell ratio is 0.99—selling is still slightly heavier than buying.
The Fear & Greed Index is 71, already in the greed zone; sentiment and positioning don’t match.
In plain terms: price is rising, positions are shrinking, and selling pressure hasn’t withdrawn. This looks more like switching/rotating existing capital than fresh money rushing in to chase and accumulate.
Regulation is also heating up tonight.
The Clarity Act didn’t pass; the U.S. Commodity Futures Trading Commission has pivoted to submit a new proposal to directly regulate crypto trading.
Meanwhile, the U.S. Office of the Comptroller of the Currency conditionally approved a national trust license for Bastion, and the custody direction actually seems to loosen.
Reports also say the ECB is still blocking Binance’s entry into the EU; at the same time, Binance is rolling out 24/7 FX contracts on its own—expansion and roadblocks are happening simultaneously.
Which way regulation will tighten is anyone’s guess.
It’s also worth a quick look at the squeeze list.
CAP, F, and AVA funding rates are all negative, as deep as -0.898%; shorts are effectively paying to hold positions—if there’s a true rebound, shorts could get squeezed hard.
CYPH, BR, and G funding rates turned positive; longs are bunched up. If there’s a pullback, they may be among the first to get hit.
Both sides are betting on direction—whoever can’t hold longer will blow up first.
Keep an eye on one thing: funding rates turned positive, but positions aren’t increasing—instead they’re shrinking. If this divergence isn’t resolved, the risk of chasing higher prices is greater than the upside from buying the breakout.
#合约数据 # Funding Rate
Claude Fable 5 assists in generation; content is for market information only and does not constitute investment advice.
At 11 p.m., I scanned the derivatives order book again—four key funding rates turned positive across the board.
$BTC spot price is $81.5k, up 0.84%, funding rate 0.01%—stable, but not exactly aggressive.
$ETH is up 2.17% and $BNB up 1.33%; their gains are well ahead of $BTC .
With funding rates fully turning positive, it suggests longs are willing to pay to hold positions—sentiment doesn’t look too bad.
But the order book underneath tells a different story.
$BTC open interest is $8.818B, down 1.5% in a day.
Long-side accounts are 48%, while short-side accounts are actually more.
The passive buy/sell ratio is 0.99—selling is still slightly heavier than buying.
The Fear & Greed Index is 71, already in the greed zone; sentiment and positioning don’t match.
In plain terms: price is rising, positions are shrinking, and selling pressure hasn’t withdrawn. This looks more like switching/rotating existing capital than fresh money rushing in to chase and accumulate.
Regulation is also heating up tonight.
The Clarity Act didn’t pass; the U.S. Commodity Futures Trading Commission has pivoted to submit a new proposal to directly regulate crypto trading.
Meanwhile, the U.S. Office of the Comptroller of the Currency conditionally approved a national trust license for Bastion, and the custody direction actually seems to loosen.
Reports also say the ECB is still blocking Binance’s entry into the EU; at the same time, Binance is rolling out 24/7 FX contracts on its own—expansion and roadblocks are happening simultaneously.
Which way regulation will tighten is anyone’s guess.
It’s also worth a quick look at the squeeze list.
CAP, F, and AVA funding rates are all negative, as deep as -0.898%; shorts are effectively paying to hold positions—if there’s a true rebound, shorts could get squeezed hard.
CYPH, BR, and G funding rates turned positive; longs are bunched up. If there’s a pullback, they may be among the first to get hit.
Both sides are betting on direction—whoever can’t hold longer will blow up first.
Keep an eye on one thing: funding rates turned positive, but positions aren’t increasing—instead they’re shrinking. If this divergence isn’t resolved, the risk of chasing higher prices is greater than the upside from buying the breakout.
#合约数据 # Funding Rate
Claude Fable 5 assists in generation; content is for market information only and does not constitute investment advice.
