Wall Street has again wrapped a 2x leveraged ETF around the coin-holding companies’ stash. This time, the underlying asset is Strive. Six-plus hours after the news broke, people in the group are already shouting, “The institutions are here.”
I went through my own BTC account: current price 81,085, down 0.03% over the past 24 hours. Today’s high was 81,933 and the low was 80,875. The range was 1.3%. Open interest is 8.715 billion U versus 547 million U in volume. Turnover is only 0.63. Funding rate is 0.01%—the leverage is added on the stock layer; no new money has flowed into the crypto side at all.
To put it plainly: this ETF tracks Strive’s stock price. Strive’s stock price then tracks the batch of coins it holds, with another layer in between that amplifies it by 2x. What people who buy it are betting on is volatility, not the coin price. If there really were new money coming into the coins, OI would need to move toward 9.2 billion U and the funding rate would have to exceed 0.02%. Right now neither is happening. I’m not adding a position if it can’t get above 81,934. Only if it breaks below 80,875 counts as a direction having actually formed. Do you want me to treat this as good news?
$BTC #市场快讯 #数据视角 #funding flow
I went through my own BTC account: current price 81,085, down 0.03% over the past 24 hours. Today’s high was 81,933 and the low was 80,875. The range was 1.3%. Open interest is 8.715 billion U versus 547 million U in volume. Turnover is only 0.63. Funding rate is 0.01%—the leverage is added on the stock layer; no new money has flowed into the crypto side at all.
To put it plainly: this ETF tracks Strive’s stock price. Strive’s stock price then tracks the batch of coins it holds, with another layer in between that amplifies it by 2x. What people who buy it are betting on is volatility, not the coin price. If there really were new money coming into the coins, OI would need to move toward 9.2 billion U and the funding rate would have to exceed 0.02%. Right now neither is happening. I’m not adding a position if it can’t get above 81,934. Only if it breaks below 80,875 counts as a direction having actually formed. Do you want me to treat this as good news?
$BTC #市场快讯 #数据视角 #funding flow