Tonight, the most people betting long on SUI are longs—and the ones getting hit are also the longs.
Starting at 8:30 p.m., in under 45 minutes SUI jumped from 1.148 to 1.2119, up 5.5%. After 9:30 p.m., it started getting dumped. By 10:20 p.m., it briefly fell to 1.1556, and it’s around 1.16 now—this rally has given back about 80%.
More strange is the funding rate. Binance’s funding rate turned negative starting at 7 p.m.; it’s now -0.0031%. OKX is also negative. In the past seven days, Binance only had 11 hours where it was negative—pushing the futures price below spot—which suggests that the sellers in the futures market are more急 (more urgent).
But on the account side, it’s one-sided. On Binance, 71% of accounts are long; for large accounts it’s 73.7% long. OKX also has 69.4%.
In the past hour, SUI exploded with $549,000+ in long positions, while short positions are only $31,000. Longs account for 94%. Total open interest across the whole network fell only 1.5% over 24 hours. Most longs haven’t withdrawn yet—they’re still holding on.
The funding rate has been pushed into negative. Seventy percent of accounts are still betting on the rise—where do you stand?
Check in real time: https://www.coinboss.com/zh/funding-rate/SUI