Even with the funding rate down to -0.46%—meaning shorts are paying through the nose—the price still got slammed with an incredibly long upper wick.
$MAGIC surged to 0.16369, then instantly lost steam. If the bulls were really trying to force a short squeeze, a deeply negative funding rate like this would have already triggered a cascade of liquidations. But the market is telling a very different story: sellers are scrambling to escape at the highs. The bulls aren’t building positions at all—they’re simply using the forced buying from short liquidations to offload their holdings.
When even the shorts’ hefty interest payments can’t prop up this market, it’s only a matter of time before momentum fades. Don’t fantasize about a short-squeeze miracle here. If you don’t take profits on your longs during the bounce, you’ll just end up paying the big players.
#以太坊突破2500USDT #MAGIC $MAGIC
#MAGIC $MAGIC
👇
$MAGIC surged to 0.16369, then instantly lost steam. If the bulls were really trying to force a short squeeze, a deeply negative funding rate like this would have already triggered a cascade of liquidations. But the market is telling a very different story: sellers are scrambling to escape at the highs. The bulls aren’t building positions at all—they’re simply using the forced buying from short liquidations to offload their holdings.
When even the shorts’ hefty interest payments can’t prop up this market, it’s only a matter of time before momentum fades. Don’t fantasize about a short-squeeze miracle here. If you don’t take profits on your longs during the bounce, you’ll just end up paying the big players.
#以太坊突破2500USDT #MAGIC $MAGIC
#MAGIC $MAGIC
👇