$ETC fee rate flipped negative, while OI is still rising
Just finished clearing Binance perps, and the ETC section looks off. Price is 8.777, 24h -5.6%, green all the way. Open interest is stubbornly up: +8.3% — 26.4M > 27.4M > 29.5M > 28.6M. While it’s falling, some people are still piling in real funds. 24h trading volume is $102.7M, market cap $1.39B.
Bears think they’ve won: the funding/fee rate dropped from +0.0022% to -0.0002%, turning negative—bullish pressure? No, the short side is strengthened. But what does a negative fee mean? It means you’re paying just for holding positions every second. If the price stops getting hammered lower, the thing that gets ground down first is your position cost.
Bulls also think they’ve won: low level, increased volume, and a mild expansion in OI—long/short competition intensifies. It looks like someone entered. But 29.5M has already fallen back to 28.6M; that add-on didn’t hold. No-volume drift lower isn’t scary—what’s scary is having volume but being unable to establish direction.
Don’t rush to pick a side. Check your leverage and costs first, then wait for price confirmation.
Risk warning: the fee rate tells you who’s paying whom, but it doesn’t tell you where the price will go. If your position can’t withstand volatility, even getting the direction right won’t help you hold.
#ETC #币安 #Bitcoin
Just finished clearing Binance perps, and the ETC section looks off. Price is 8.777, 24h -5.6%, green all the way. Open interest is stubbornly up: +8.3% — 26.4M > 27.4M > 29.5M > 28.6M. While it’s falling, some people are still piling in real funds. 24h trading volume is $102.7M, market cap $1.39B.
Bears think they’ve won: the funding/fee rate dropped from +0.0022% to -0.0002%, turning negative—bullish pressure? No, the short side is strengthened. But what does a negative fee mean? It means you’re paying just for holding positions every second. If the price stops getting hammered lower, the thing that gets ground down first is your position cost.
Bulls also think they’ve won: low level, increased volume, and a mild expansion in OI—long/short competition intensifies. It looks like someone entered. But 29.5M has already fallen back to 28.6M; that add-on didn’t hold. No-volume drift lower isn’t scary—what’s scary is having volume but being unable to establish direction.
Don’t rush to pick a side. Check your leverage and costs first, then wait for price confirmation.
Risk warning: the fee rate tells you who’s paying whom, but it doesn’t tell you where the price will go. If your position can’t withstand volatility, even getting the direction right won’t help you hold.
#ETC #币安 #Bitcoin