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$BTC $ETH $SNXX #合约 #合约交易 #Live trading record
🗓 9/28 23:31 CST
12.2% up share—out of 730 USDT perpetuals, only 89 are red. This kind of market doesn’t look like macro has given direction; it looks more like leverage capital is contracting on its own.
BTC 83,038, -1.82% in 24h; contract trading volume is still 11.604 billion (USD equivalent). ETH 2,667, -0.81%. The drawdowns of major coins aren’t that scary, but open interest over the past 24 hours is -1.09%. BTC’s current funding rate is still showing +0.00640%—longs haven’t dispersed, and new money hasn’t come in. This combination is the most grinding.
I care more about the ends of the funding rate curve. SNXX +0.03923% paired with -10.59%, “Lobster” +0.03901% paired with -31.93%: on one side, longs are paying high funding while getting hammered. On the other side, ONE’s funding rate is -0.21415%, yet its 24h performance is +9.37%—the most crowded shorts get bumped up first. Extreme-emotion small caps whose volatility has already decoupled from the dollar and broader market liquidity; more often it’s internal position unwinding.
To put it bluntly, there isn’t a specific macro catalyst we can clearly pin down. I’m not in a hurry to judge direction. First, I’ll watch whether open interest can stop falling. If real money doesn’t truly flow in, the “heat” propped up by funding rates will likely keep grinding!
Anyone else feel the same as me—watching the action but never daring to jump in?
—— Alpha Quantitative Technology
The above is my market observation and personal viewpoint; it does not constitute any trading advice, nor does it promise returns. Perpetual contracts involve leverage—make your own judgment and take responsibility for your own profits and losses.
$BTC $ETH $SNXX #合约 #合约交易 #Live trading record
🗓 9/28 23:31 CST
12.2% up share—out of 730 USDT perpetuals, only 89 are red. This kind of market doesn’t look like macro has given direction; it looks more like leverage capital is contracting on its own.
BTC 83,038, -1.82% in 24h; contract trading volume is still 11.604 billion (USD equivalent). ETH 2,667, -0.81%. The drawdowns of major coins aren’t that scary, but open interest over the past 24 hours is -1.09%. BTC’s current funding rate is still showing +0.00640%—longs haven’t dispersed, and new money hasn’t come in. This combination is the most grinding.
I care more about the ends of the funding rate curve. SNXX +0.03923% paired with -10.59%, “Lobster” +0.03901% paired with -31.93%: on one side, longs are paying high funding while getting hammered. On the other side, ONE’s funding rate is -0.21415%, yet its 24h performance is +9.37%—the most crowded shorts get bumped up first. Extreme-emotion small caps whose volatility has already decoupled from the dollar and broader market liquidity; more often it’s internal position unwinding.
To put it bluntly, there isn’t a specific macro catalyst we can clearly pin down. I’m not in a hurry to judge direction. First, I’ll watch whether open interest can stop falling. If real money doesn’t truly flow in, the “heat” propped up by funding rates will likely keep grinding!
Anyone else feel the same as me—watching the action but never daring to jump in?
—— Alpha Quantitative Technology
The above is my market observation and personal viewpoint; it does not constitute any trading advice, nor does it promise returns. Perpetual contracts involve leverage—make your own judgment and take responsibility for your own profits and losses.