$ORCA rates turn negative, the short account bill has arrived
2.064 USDT, up 13.8% in 24h, but the rate got smashed to -0.2738%. It’s going up—who’s placing a reverse bet?
Three slap-in-the-face data points: OI +13.6%, 4.1M→4.0M→4.0M→4.7M, hard capped at the end; 24h trading value $43.0M, market cap $124.8M, turnover isn’t light; the rate flipped from +0.0050% to -0.2738%, shorts are in the lead, and you still have to pay with this number.
One explanation: Upbit is going to list ORCA/KRW, ORCA/BTC, and ORCA/USDT spot. The news is out, and so are the short positions—this isn’t a low-volume, slow bleed.
The reversal— the deeper the negative rate, the more the short
#ORCA #币安 #Bitcoin
2.064 USDT, up 13.8% in 24h, but the rate got smashed to -0.2738%. It’s going up—who’s placing a reverse bet?
Three slap-in-the-face data points: OI +13.6%, 4.1M→4.0M→4.0M→4.7M, hard capped at the end; 24h trading value $43.0M, market cap $124.8M, turnover isn’t light; the rate flipped from +0.0050% to -0.2738%, shorts are in the lead, and you still have to pay with this number.
One explanation: Upbit is going to list ORCA/KRW, ORCA/BTC, and ORCA/USDT spot. The news is out, and so are the short positions—this isn’t a low-volume, slow bleed.
The reversal— the deeper the negative rate, the more the short
#ORCA #币安 #Bitcoin