Over the weekend, everyone watched BTC as it de-leveraged. In fact, leverage is being moved over to $SOL .
Binance Perpetuals: SOL open interest over 7 days rose +11.5% to about $1.02 billion, while BTC OI fell -9.6% in the same period. Price is stuck around 120, moving sideways, yet positions are increasing—not liquidations, but switching assets and adding exposure.
Even more complicated is the funding rate: on the 25th–26th it touched the +0.01% cap one after another, making longs expensive. In the latest round it has dropped to +0.0015%, and the next round is expected to flip flat or even slightly negative (-0.0005%). The retail long/short ratio is 1.55 (longs about 61%), nowhere near as crowded as the kind of squeeze seen in ETH. But the top-account positioning ratio reached 2.28—large players are more long-biased than retail.
Leverage migrating in + funding cooling down = long costs are falling. However, the resistance above—122.1 and the 7-day high at 122.94—is hard. If it can’t hold, it could easily turn into “positions with no momentum.” The basis is still at a discount of about 6 bp, and with thinner trading over the weekend, don’t just look at price.
Do you think this SOL move is a real rotation, or just a byproduct when BTC de-leverages?
$SOL $BTC #SOL #合约数据 #Funding Rate
Binance Perpetuals: SOL open interest over 7 days rose +11.5% to about $1.02 billion, while BTC OI fell -9.6% in the same period. Price is stuck around 120, moving sideways, yet positions are increasing—not liquidations, but switching assets and adding exposure.
Even more complicated is the funding rate: on the 25th–26th it touched the +0.01% cap one after another, making longs expensive. In the latest round it has dropped to +0.0015%, and the next round is expected to flip flat or even slightly negative (-0.0005%). The retail long/short ratio is 1.55 (longs about 61%), nowhere near as crowded as the kind of squeeze seen in ETH. But the top-account positioning ratio reached 2.28—large players are more long-biased than retail.
Leverage migrating in + funding cooling down = long costs are falling. However, the resistance above—122.1 and the 7-day high at 122.94—is hard. If it can’t hold, it could easily turn into “positions with no momentum.” The basis is still at a discount of about 6 bp, and with thinner trading over the weekend, don’t just look at price.
Do you think this SOL move is a real rotation, or just a byproduct when BTC de-leverages?
$SOL $BTC #SOL #合约数据 #Funding Rate
