$RARE This cable isn’t behaving at all. It just got smashed down to 0.01296, then pulled up sharply to 0.01828 in one breath—amplitude exceeded 40%. But in the late part, it pulled back to 0.0159. This time, it’s clearly not breathing evenly.
Focus on the funding rate. The current funding rate is -0.4135%, and the daily compounding cost is about -1.24%—meaning that for every day a short holds a position, it has to pay the long nearly 1.24% as if it were “rent.” On an annualized basis, that’s close to -98.9%. Against this kind of fee background, the fact that shorts can still be dragged to produce a 22% move upward against the trend suggests the shorts aren’t actively pushing forward; they’re being passively buried. In other words, the people shorting are being “bled” little by little by this green candle. That’s the real fuel behind today’s unusual spike. In the 437.8 billion total trading volume, a large portion is likely short-covering liquidation orders caused by stop-losses.
#RARE
Focus on the funding rate. The current funding rate is -0.4135%, and the daily compounding cost is about -1.24%—meaning that for every day a short holds a position, it has to pay the long nearly 1.24% as if it were “rent.” On an annualized basis, that’s close to -98.9%. Against this kind of fee background, the fact that shorts can still be dragged to produce a 22% move upward against the trend suggests the shorts aren’t actively pushing forward; they’re being passively buried. In other words, the people shorting are being “bled” little by little by this green candle. That’s the real fuel behind today’s unusual spike. In the 437.8 billion total trading volume, a large portion is likely short-covering liquidation orders caused by stop-losses.
#RARE