$BNC fell 8.844% over the past 24 hours. The funding rate has dropped to zero, and open interest is still 2.11 million. Bears are currently in the lead, but long and short positions have temporarily stalled here.
Prices have continued to fall, but the funding rate is zero—this suggests the shorts aren’t paying the longs, so neither side’s costs are increasing. This is common in politically sensitive underlying assets: funding is waiting for clear signals and no one dares to add positions hastily. The last time a similar stalemate happened in other products, it usually only broke after news emerged on the policy front.
The strongest counterpoint is that if politics suddenly turns favorable, these short positions could be collectively covered and pushed up quickly. But under the current structure, if longs don’t cut losses, the downward momentum still remains. The next key is the 6.0 integer level—if it breaks, long liquidation stop orders are likely to appear.
I think it will continue to probe lower. I plan to open a short near 6.3 with 5x leverage, set the stop-loss at 7.0, take-profit at 5.5, and use half position size. If the price rebounds and stands above 6.5 and stabilizes, the short thesis fails, and I will close.
Trading tag: #TradFi #链上美股 #BNC
Where do you think this set of judgments is most likely to be wrong?
Prices have continued to fall, but the funding rate is zero—this suggests the shorts aren’t paying the longs, so neither side’s costs are increasing. This is common in politically sensitive underlying assets: funding is waiting for clear signals and no one dares to add positions hastily. The last time a similar stalemate happened in other products, it usually only broke after news emerged on the policy front.
The strongest counterpoint is that if politics suddenly turns favorable, these short positions could be collectively covered and pushed up quickly. But under the current structure, if longs don’t cut losses, the downward momentum still remains. The next key is the 6.0 integer level—if it breaks, long liquidation stop orders are likely to appear.
I think it will continue to probe lower. I plan to open a short near 6.3 with 5x leverage, set the stop-loss at 7.0, take-profit at 5.5, and use half position size. If the price rebounds and stands above 6.5 and stabilizes, the short thesis fails, and I will close.
Trading tag: #TradFi #链上美股 #BNC
Where do you think this set of judgments is most likely to be wrong?