Conclusion first: the SAND shorts are holding onto the subsidy and toughing it out, but a 60% liquidation in the past four hours points to longs. The short-term direction is already tangled up.
Binance rates are settled every 8 hours; the current rate is -0.4966%, which translates to an annualized negative carry of about -543%. Bitget is about -625%, and Gate about -671%. Getting paid on the short side doesn’t mean safety—it actually shows that short positions are squeezed on one side.
In the past 4 hours, SAND liquidations totaled $1.68 million; long positions account for 61%. In the last hour alone, liquidations were $192,000, with longs at 60%. Over the past 24 hours, shorts account for 57%, and the short-term trend has flipped—from shorts getting hit to longs bearing pressure.
$SAND $BTC
Will you keep shorting with the subsidy, or wait for the crowded trade to loosen first?
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