Wow, ZEC plunged 7.2% right after funding rates hit the cap!
Longs got slaughtered. Yesterday, funding rates hit the annualized cap of 1,460%, and longs kept paying to hold on. Today, the price plunged 7.2% on $2.05 billion in trading volume, while funding rates are still pinned at the 1% cap. This means longs are still desperately holding on, but the price can’t take it anymore. Another leg down could trigger a chain of liquidations.
ETH is even worse: funding is negative 0.168%, or negative 316% annualized. Shorts are paying, but the price is still falling, which shows that spot selling pressure is too strong for futures positioning to move the market. SOL also plunged 3.5%.
Big coins are bleeding across the board, while small coins like OGN, MET, and CREAM are surging. But that’s retail traders piling in, not institutions building positions. ZEC is a cautionary tale: funding rates hitting the cap aren’t a bullish signal—they’re longs making one last stand.
$ZEC $ETH $SOL
Longs got slaughtered. Yesterday, funding rates hit the annualized cap of 1,460%, and longs kept paying to hold on. Today, the price plunged 7.2% on $2.05 billion in trading volume, while funding rates are still pinned at the 1% cap. This means longs are still desperately holding on, but the price can’t take it anymore. Another leg down could trigger a chain of liquidations.
ETH is even worse: funding is negative 0.168%, or negative 316% annualized. Shorts are paying, but the price is still falling, which shows that spot selling pressure is too strong for futures positioning to move the market. SOL also plunged 3.5%.
Big coins are bleeding across the board, while small coins like OGN, MET, and CREAM are surging. But that’s retail traders piling in, not institutions building positions. ZEC is a cautionary tale: funding rates hitting the cap aren’t a bullish signal—they’re longs making one last stand.
$ZEC $ETH $SOL