$CRCL 24 hours down 1.004%, funding rate is zero. Price weakness coexists with a neutral funding rate; shorts have a slight edge but not an extreme one, pointing to signs that macro risk appetite is shrinking. The counterargument is that if global macro data improves, a rebound in risk assets could drive a price bounce. Invalidation conditions: a price rebound breaks above 92 or the funding rate turns positive. Action: remain on the sidelines now; if the funding rate turns negative and open interest rises, you may try a small short position. If the price stabilizes above 91.68, then wait.

Trading tag: #TradFi #链上美股 #CRCL

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