$ICP positions surge by 20.8%
+20.8%. But the price is still heading down—3.404, 24h -1.7%.
Open interest keeps climbing: 29.2M > 33.0M > 35.3M, and it finally settles at 35.2M. Trading volume of $79.3M is churning through it, market cap $1.91B—no one is leaving.
Shorts thought they were winning: the funding rate dropped from +0.0002% to -0.0009%, turning negative, and shorts start gaining an edge.
Longs thought they were winning too: there’s real money adding to positions at the lows—it’s not a paper drop.
But both sides are paying.
Once the funding rate turns negative, the short positions’ holding costs are gradually lifted. As long as the price just moves sideways, you’re getting ground down. Negative funding at the low is the easiest setup to force shorts to cover—don’t treat turning negative as protection.
And don’t rush to celebrate on the long side—3.404 isn’t “your” floor. The one adding is someone else, and the cost increasing is real.
Wait for confirmation. Reduce leverage. Open interest doesn’t take the trade off your back.
Risk warning: leverage magnifies volatility—not your judgment.
#ICP #币安 #Bitcoin
+20.8%. But the price is still heading down—3.404, 24h -1.7%.
Open interest keeps climbing: 29.2M > 33.0M > 35.3M, and it finally settles at 35.2M. Trading volume of $79.3M is churning through it, market cap $1.91B—no one is leaving.
Shorts thought they were winning: the funding rate dropped from +0.0002% to -0.0009%, turning negative, and shorts start gaining an edge.
Longs thought they were winning too: there’s real money adding to positions at the lows—it’s not a paper drop.
But both sides are paying.
Once the funding rate turns negative, the short positions’ holding costs are gradually lifted. As long as the price just moves sideways, you’re getting ground down. Negative funding at the low is the easiest setup to force shorts to cover—don’t treat turning negative as protection.
And don’t rush to celebrate on the long side—3.404 isn’t “your” floor. The one adding is someone else, and the cost increasing is real.
Wait for confirmation. Reduce leverage. Open interest doesn’t take the trade off your back.
Risk warning: leverage magnifies volatility—not your judgment.
#ICP #币安 #Bitcoin