The so-called “market recovery” in the current counterfeit market isn’t really a recovery at all—it’s a blatant hunt for derivatives-position chips.
On the surface, there’s a frenzy of local hot spots where demons run wild; in reality, everyone is just digging into each other’s pockets. Look at $ONE : a single-day surge of more than 80%. The perpetual contract funding rate was directly inverted to -0.0282%—purely a negative-fee liquidation cascade, where short-side liquidity was repeatedly wiped out, forcing a short squeeze.
Now look at trading volume topping 280 million to take the lead, $ZEC . But across the whole network, the share of long accounts is only 32%. Large players are basically using the heat to put on huge hedges and flip position chips. In contrast, for $AVAX , whose price increase is among the top performers, the proportion of retail long accounts skyrockets to 71%. Yet the buy-sell ratio for active trading drops to around 0.7—classic behavior where retail limit orders are waiting to be the bagholders, while the main forces use the momentum to offload their chips to retail.
Don’t mistake this kind of localized derivatives squeeze for a full-blown “alt season” starting up. In a low-volume game of tug-of-war, once the squeeze ends, spot buyers who impulsively chase will turn into the liquidity leftovers for the next round of price action.
#山寨币异动 #Contract long/short tug-of-war
On the surface, there’s a frenzy of local hot spots where demons run wild; in reality, everyone is just digging into each other’s pockets. Look at $ONE : a single-day surge of more than 80%. The perpetual contract funding rate was directly inverted to -0.0282%—purely a negative-fee liquidation cascade, where short-side liquidity was repeatedly wiped out, forcing a short squeeze.
Now look at trading volume topping 280 million to take the lead, $ZEC . But across the whole network, the share of long accounts is only 32%. Large players are basically using the heat to put on huge hedges and flip position chips. In contrast, for $AVAX , whose price increase is among the top performers, the proportion of retail long accounts skyrockets to 71%. Yet the buy-sell ratio for active trading drops to around 0.7—classic behavior where retail limit orders are waiting to be the bagholders, while the main forces use the momentum to offload their chips to retail.
Don’t mistake this kind of localized derivatives squeeze for a full-blown “alt season” starting up. In a low-volume game of tug-of-war, once the squeeze ends, spot buyers who impulsively chase will turn into the liquidity leftovers for the next round of price action.
#山寨币异动 #Contract long/short tug-of-war