Conclusion upfront: ATH is up 13% in one day. Shorts are still paying money out of pocket to hold positions. The average funding rate, annualized, comes out to roughly a 68% “negative carry”—this isn’t an easy long setup.
On both Binance and OKX, the current price is around $0.00727, with a 24-hour increase of about 13.4%. As price moves up, shorts still have to pay longs every 4 hours. Gate’s annualized rate is roughly a 53% negative carry; KuCoin is even closer to 76%.
In the past hour, positions were liquidated worth $229,000—83% of it was liquidations of shorts. Extending to 24 hours, liquidations total $3.15 million, with longs and shorts almost split evenly. This suggests short-squeeze pressure is clearly present in the short term, but the overall direction for the whole day hasn’t fully swung to one side.
The total open interest is about $22.96 million, and over the last 24 hours it’s actually down 19%. If you want to chase the rally, first check whether the shorts continue to be cleared, and whether open interest can stop falling.
$ATH $BTC
Shorts keep adding at a discount—how much further can ATH go?
Check in real time: https://www.coinboss.com/currencies/ATH