Down 20.4%, while open interest surged 137.8%
0.09748. Down 20.4% in a day.
Open interest swung between 5.3M > 13.2M > 21.7M > 12.5M—doubling, then doubling again, surging to 21.7M before being slashed back to 12.5M. After all that, OI is still up 137.8%. Real money was adding positions as the price fell; this wasn’t a low-volume slide.
So who’s putting up the money?
The funding rate slipped from -0.0611% to -0.0643%. The number is small, but the message is clear: shorts are gaining the upper hand, but every extra second they hold their positions pushes up their costs. The price is languishing near its lows, while the funding rate keeps sinking further into negative territory—if anyone does close their shorts, the spark from covering could land in dry grass. Note: could, not guaranteed.
Trading volume: $829.6M. Market cap: just $30.2M. The media is still recycling that old +170% headline. After a 170% rally and now a 20.4% drop, whose positions are buried in between?
Don’t rush to pick a side. First, work out your entry price. Then calculate your liquidation price.
Risk warning: funding rates can flip at any time. Your margin won’t replenish itself.
#MAGIC #币安 #Bitcoin
0.09748. Down 20.4% in a day.
Open interest swung between 5.3M > 13.2M > 21.7M > 12.5M—doubling, then doubling again, surging to 21.7M before being slashed back to 12.5M. After all that, OI is still up 137.8%. Real money was adding positions as the price fell; this wasn’t a low-volume slide.
So who’s putting up the money?
The funding rate slipped from -0.0611% to -0.0643%. The number is small, but the message is clear: shorts are gaining the upper hand, but every extra second they hold their positions pushes up their costs. The price is languishing near its lows, while the funding rate keeps sinking further into negative territory—if anyone does close their shorts, the spark from covering could land in dry grass. Note: could, not guaranteed.
Trading volume: $829.6M. Market cap: just $30.2M. The media is still recycling that old +170% headline. After a 170% rally and now a 20.4% drop, whose positions are buried in between?
Don’t rush to pick a side. First, work out your entry price. Then calculate your liquidation price.
Risk warning: funding rates can flip at any time. Your margin won’t replenish itself.
#MAGIC #币安 #Bitcoin