$MAGIC As it kept falling, open interest actually rose
Something feels off with MAGIC.
Current price: 0.07198 USDT, up 12.6% over 24h.
But the funding rate went from +0.0010% to -0.0011%—now negative.
Look at OI: 3.4M > 3.3M > 3.4M > 4.0M.
Up 16.9% overall.
While the price was falling, money was flowing in. This wasn't a low-volume slide—it was real money adding to positions.
24h trading volume: $19.9M. Market cap: just $23.1M.
The funding rate has turned negative, and shorts are starting to gain the upper hand.
But the cost of holding short positions is climbing.
Low prices + deeply negative funding: short covering is a possible scenario, not a guarantee.
Don't treat it as a rebound signal. It just means someone may get taught a lesson by the carrying costs.
The alarm is ringing. Check costs, leverage, and positions for yourself first.
Until the direction is confirmed, don't make the market's decisions for it.
Risk warning: negative funding can keep draining short positions, but that doesn't mean the price will turn around immediately.
#MAGIC #币安 #Bitcoin
Something feels off with MAGIC.
Current price: 0.07198 USDT, up 12.6% over 24h.
But the funding rate went from +0.0010% to -0.0011%—now negative.
Look at OI: 3.4M > 3.3M > 3.4M > 4.0M.
Up 16.9% overall.
While the price was falling, money was flowing in. This wasn't a low-volume slide—it was real money adding to positions.
24h trading volume: $19.9M. Market cap: just $23.1M.
The funding rate has turned negative, and shorts are starting to gain the upper hand.
But the cost of holding short positions is climbing.
Low prices + deeply negative funding: short covering is a possible scenario, not a guarantee.
Don't treat it as a rebound signal. It just means someone may get taught a lesson by the carrying costs.
The alarm is ringing. Check costs, leverage, and positions for yourself first.
Until the direction is confirmed, don't make the market's decisions for it.
Risk warning: negative funding can keep draining short positions, but that doesn't mean the price will turn around immediately.
#MAGIC #币安 #Bitcoin