$SUI 1.20u: The price is probing for a bottom, but the Long boat is packed. Is the MM about to change course?
Derivatives data:
• Top Trader L/S: 2.13 (over 68% are holding Longs, weighing down the boat).
• OI: Holding firm around 153M USDT despite the price falling -2.8%.
• Funding rate: Still positive (+0.01%); holding Longs is getting painfully expensive.
Scenario: The crowd piling into Longs against the trend is an obvious red flag. The MM could easily sweep the wick down to 1.15u to cook all the leverage before starting the next leg up. Waiting to scoop lower is safer than standing in the boat’s way.
Are you holding Longs or waiting to Short?
$SUI $BTC #Crypto #BinanceSquare #Trading
Derivatives data:
• Top Trader L/S: 2.13 (over 68% are holding Longs, weighing down the boat).
• OI: Holding firm around 153M USDT despite the price falling -2.8%.
• Funding rate: Still positive (+0.01%); holding Longs is getting painfully expensive.
Scenario: The crowd piling into Longs against the trend is an obvious red flag. The MM could easily sweep the wick down to 1.15u to cook all the leverage before starting the next leg up. Waiting to scoop lower is safer than standing in the boat’s way.
Are you holding Longs or waiting to Short?
$SUI $BTC #Crypto #BinanceSquare #Trading