Gained a whole lot of nothing—up 0.00%, but there are sizable undercurrents beneath the surface.
In the past hour, the OI (open interest) dropped by 0.43%, nominally -55M, yet the price didn’t fall—shorts are quietly covering; it’s not fresh longs coming in. The ratio of active buys to sells is 1.48, and the 5m liquidation agent (force-closes) of 153K was concentrated on the buy side. Funding rates are also still in the higher percentile range recently.
This kind of structure, I usually won’t chase longs—but I also won’t short. This is a typical position-rebuilding move: the rise isn’t convincing, and the drop isn’t satisfying either.
Let’s talk again once the OI picks up.
In the past hour, the OI (open interest) dropped by 0.43%, nominally -55M, yet the price didn’t fall—shorts are quietly covering; it’s not fresh longs coming in. The ratio of active buys to sells is 1.48, and the 5m liquidation agent (force-closes) of 153K was concentrated on the buy side. Funding rates are also still in the higher percentile range recently.
This kind of structure, I usually won’t chase longs—but I also won’t short. This is a typical position-rebuilding move: the rise isn’t convincing, and the drop isn’t satisfying either.
Let’s talk again once the OI picks up.