On this day for ICP, more and more people are going long, but the money hasn’t really followed.
Both Binance and OKX reported gains of about 3.5%, with the current price at 3.42. The intraday high of 3.553 appeared in the 4:00 a.m. hour this morning; after that, it never regained that level. It’s still 3.6% below the high.
On accounts on Binance going long, over the past 24 hours it rose from 64.7% to 71.4%, with seven out of ten betting on the upside. The large players didn’t follow; within their holdings, the proportion of longs slipped slightly from 78.2% to 76.4%.
The number of contract positions only increased by 1.8% in a day. The accounts are getting more bullish, but the position sizes haven’t grown much—more like smaller capital is chasing.
The funding rate is also creeping up. It was still negative before dawn yesterday, and then it climbed for four consecutive periods. The last two periods are both 0.01%. Longs have started paying shorts—it's not expensive, but the direction has changed.
If you chase longs at this moment, you need to think it through: the previous high hasn't been recovered, and long positions have already crowded up to 70%.
Do you think ICP can still push back up to 3.55?
$ICP
View in real time: https://www.coinboss.com/zh/open-interest/ICP