During a roughly 24% decline, price and positioning have not cooled at the same time. Public Binance data at 11:36 (UTC+8) showed $MINA spot at 0.1071, down 23.94%, and perpetuals at 0.10684, down 24.13%; trading volumes were approximately 12.91 million and 72.39 million USDT, respectively.
In the previous completed 1-hour period, spot fell 3.35% as trading volume rose 32.16% from the prior hour; perpetuals fell 3.14%, with trading volume at approximately 4.269 million USDT, up 57.04%. Quantity OI rose 1.89% over the most recent hour and 81.19% over the 30-point window, indicating that leveraged positions continued to accumulate as prices broke lower.
📌 The indicative funding rate is -0.1170%, while the most recent settled rate was -0.1668%. Negative funding and expanding OI alone do not confirm a rebound; instead, they increase the potential for both further declines and short covering. Perpetuals fell another 7.49% over the most recent 4 hours, but trading volume was 39.84% lower than in the preceding 4 hours, so downside momentum did not continue to intensify in tandem.
The current, still-open hourly candle has rebounded just 0.28% from the previous close, so it should not yet be treated as a bottom. Structural recovery would require a subsequent completed hourly candle to reclaim 0.11180, alongside improvement in both spot volume and OI. If price breaks below 0.10603 while OI continues to expand, deleveraging risk remains unresolved.
In the previous completed 1-hour period, spot fell 3.35% as trading volume rose 32.16% from the prior hour; perpetuals fell 3.14%, with trading volume at approximately 4.269 million USDT, up 57.04%. Quantity OI rose 1.89% over the most recent hour and 81.19% over the 30-point window, indicating that leveraged positions continued to accumulate as prices broke lower.
📌 The indicative funding rate is -0.1170%, while the most recent settled rate was -0.1668%. Negative funding and expanding OI alone do not confirm a rebound; instead, they increase the potential for both further declines and short covering. Perpetuals fell another 7.49% over the most recent 4 hours, but trading volume was 39.84% lower than in the preceding 4 hours, so downside momentum did not continue to intensify in tandem.
The current, still-open hourly candle has rebounded just 0.28% from the previous close, so it should not yet be treated as a bottom. Structural recovery would require a subsequent completed hourly candle to reclaim 0.11180, alongside improvement in both spot volume and OI. If price breaks below 0.10603 while OI continues to expand, deleveraging risk remains unresolved.
