$550M in longs got flushed this week — and funding is STILL positive.
BTC perp funding flipped from -0.0043% to +0.0069% per 8h... while BTC dropped ~$3,600.
Capitulation bottoms come when shorts pay longs — Feb's $60K bottom had the most negative funding in 3 months. Longs paying to hold while price bleeds is not a bottom recipe.
Meanwhile OI rebuilt from $54.2B to $55.3B DURING the Oct 7 selloff — rising OI into a falling market means fresh longs catching the knife.
Book is thin: $6.93B spot volume vs $85.22B futures, a 12:1 ratio.
Offset: Binance logged its biggest BTC withdrawals since mid-2023 while whales deposited stablecoins — somebody big is preparing to bid lower.
$BTC is at 81-82K. With funding positive there's no short-squeeze fuel — longs have no cushion. Lose 81K and it's forced selling part two; reclaim 82K on real spot volume and the shorts finally have something to fear.
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$550M in long positions got wiped out this week — and funding is still POSITIVE.
BTC perp funding flipped from -0.0043% to +0.0069% per 8 hours... even though BTC dropped ~$3,600.
Capitulation bottoms usually come when shorts pay longs — the $60K bottom last February had the most negative funding in 3 months. Longs paying to hold while the price bleeds is not a bottom recipe.
Meanwhile, OI actually rose from $54.2B to $55.3B IN THE MIDDLE of the Oct 7 dump — rising OI as prices fall means new longs are catching a falling knife.
The order book is thin: $6.93B in spot volume vs $85.22B in futures, a 12:1 ratio.
A counterweight: Binance just recorded its biggest BTC withdrawals since mid-2023, while whales deposited stablecoins — a big player is getting ready to bid lower.
$BTC is at 81-82K. As long as funding is positive, there's no fuel for a short squeeze — longs have no cushion. Break below 81K and it's forced selling, round two; reclaim 82K on genuine spot volume and shorts will finally have something to fear.
#Bitcoin #Crypto #Funding
BTC perp funding flipped from -0.0043% to +0.0069% per 8h... while BTC dropped ~$3,600.
Capitulation bottoms come when shorts pay longs — Feb's $60K bottom had the most negative funding in 3 months. Longs paying to hold while price bleeds is not a bottom recipe.
Meanwhile OI rebuilt from $54.2B to $55.3B DURING the Oct 7 selloff — rising OI into a falling market means fresh longs catching the knife.
Book is thin: $6.93B spot volume vs $85.22B futures, a 12:1 ratio.
Offset: Binance logged its biggest BTC withdrawals since mid-2023 while whales deposited stablecoins — somebody big is preparing to bid lower.
$BTC is at 81-82K. With funding positive there's no short-squeeze fuel — longs have no cushion. Lose 81K and it's forced selling part two; reclaim 82K on real spot volume and the shorts finally have something to fear.
---
$550M in long positions got wiped out this week — and funding is still POSITIVE.
BTC perp funding flipped from -0.0043% to +0.0069% per 8 hours... even though BTC dropped ~$3,600.
Capitulation bottoms usually come when shorts pay longs — the $60K bottom last February had the most negative funding in 3 months. Longs paying to hold while the price bleeds is not a bottom recipe.
Meanwhile, OI actually rose from $54.2B to $55.3B IN THE MIDDLE of the Oct 7 dump — rising OI as prices fall means new longs are catching a falling knife.
The order book is thin: $6.93B in spot volume vs $85.22B in futures, a 12:1 ratio.
A counterweight: Binance just recorded its biggest BTC withdrawals since mid-2023, while whales deposited stablecoins — a big player is getting ready to bid lower.
$BTC is at 81-82K. As long as funding is positive, there's no fuel for a short squeeze — longs have no cushion. Break below 81K and it's forced selling, round two; reclaim 82K on genuine spot volume and shorts will finally have something to fear.
#Bitcoin #Crypto #Funding