Contract Order Book Daily Report | 9/24 The exit doesn’t stop, but the funding rate is nearly back to zero
The signals from this morning indicated a broad-based decline across the board: the funding rate didn’t collapse, but open interest kept seeing a massive outflow.
Now let’s review it again—there was no reversal, but the slope has changed.
$BTC is now probing at $835,000, down 1.15% over the past 24 hours; the drop is narrower than the earlier move.
The funding rate has slid in sync to 0.0014%, nearly hugging the zero line, suggesting those who leveraged up to go long have truly let go—not just talking.
But open interest hasn’t stabilized: $8.019 billion, down another 5.8% over 24 hours. The outflow from earlier has not stopped even until now.
What’s interesting is that active buy/sell orders aren’t following the same pessimism. The buy side exceeds the sell side by a noticeable margin, and the long positions’ share at 56% hasn’t fallen below half.
The Fear & Greed Index is still stuck at 71, staying in the greed zone for several days without moving.
This is the key disagreement revealed by this round of review: leverage is withdrawing, but sentiment isn’t backing off.
And this divergence isn’t coming out of thin air.
Yesterday, spot Bitcoin ETF net inflows were nearly $1 billion—institutions haven’t stopped.
The U.S. Commodity Futures Trading Commission is pushing for clearer crypto market-structure rules, meaning the regulatory “leak” is easing.
The U.S. Treasury is even more direct: tomorrow it will repurchase $6 billion in Treasury notes—three times the market’s previous expectation of $2 billion. Liquidity hasn’t been left out.
So going forward, what to watch isn’t price itself, but when open interest finally stops falling.
The exit is still continuing, yet greed refuses to退. Once this divergence converges, the direction will become very clear.
#资金费率 #Open interest
This content was generated with assistance from Claude Fable 5 and is for informational reference only. Please verify it yourself.
The signals from this morning indicated a broad-based decline across the board: the funding rate didn’t collapse, but open interest kept seeing a massive outflow.
Now let’s review it again—there was no reversal, but the slope has changed.
$BTC is now probing at $835,000, down 1.15% over the past 24 hours; the drop is narrower than the earlier move.
The funding rate has slid in sync to 0.0014%, nearly hugging the zero line, suggesting those who leveraged up to go long have truly let go—not just talking.
But open interest hasn’t stabilized: $8.019 billion, down another 5.8% over 24 hours. The outflow from earlier has not stopped even until now.
What’s interesting is that active buy/sell orders aren’t following the same pessimism. The buy side exceeds the sell side by a noticeable margin, and the long positions’ share at 56% hasn’t fallen below half.
The Fear & Greed Index is still stuck at 71, staying in the greed zone for several days without moving.
This is the key disagreement revealed by this round of review: leverage is withdrawing, but sentiment isn’t backing off.
And this divergence isn’t coming out of thin air.
Yesterday, spot Bitcoin ETF net inflows were nearly $1 billion—institutions haven’t stopped.
The U.S. Commodity Futures Trading Commission is pushing for clearer crypto market-structure rules, meaning the regulatory “leak” is easing.
The U.S. Treasury is even more direct: tomorrow it will repurchase $6 billion in Treasury notes—three times the market’s previous expectation of $2 billion. Liquidity hasn’t been left out.
So going forward, what to watch isn’t price itself, but when open interest finally stops falling.
The exit is still continuing, yet greed refuses to退. Once this divergence converges, the direction will become very clear.
#资金费率 #Open interest
This content was generated with assistance from Claude Fable 5 and is for informational reference only. Please verify it yourself.
