Funding turns negative, open interest doubles? $GTC doesn’t look right
Why is the funding rate dropping again? Why did open interest suddenly jump by 6M? Who’s still piling in at this price?
Just checked the order book: $GTC is currently at 0.29559, up 65.9% in 24 hours, with $350.4M in trading volume and a market cap of just $30.3M—a day’s volume is more than ten times its market cap. The funding rate fell from -0.0667% to -0.0702%, turning negative, as bearish pressure grows. Some are convinced this is the end.
But the open-interest line doesn’t add up: 4.4M > 4.4M > 4.0M > 10.3M. It pulled back a little, then surged right back, up 134.4%. Real money is still flowing in as the price falls—this isn’t a low-volume slide.
Here’s the twist: negative funding isn’t a reward for bears; it’s a bill. The more negative the rate, the more it costs to hold a short position. As long as the price doesn’t follow their script, covering their shorts will only push their costs higher. Upbit has listed Gitcoin on its KRW and USDT markets, and there are 10 news items in play—attention isn’t lacking.
Don’t guess the direction. Check your entry cost and leverage first, wait for confirmation, and don’t let funding rates backfire on you.
Risk warning: A 65.9% gain is already on the chart. Pullbacks never give advance notice.
#GTC #币安 #Bitcoin
Why is the funding rate dropping again? Why did open interest suddenly jump by 6M? Who’s still piling in at this price?
Just checked the order book: $GTC is currently at 0.29559, up 65.9% in 24 hours, with $350.4M in trading volume and a market cap of just $30.3M—a day’s volume is more than ten times its market cap. The funding rate fell from -0.0667% to -0.0702%, turning negative, as bearish pressure grows. Some are convinced this is the end.
But the open-interest line doesn’t add up: 4.4M > 4.4M > 4.0M > 10.3M. It pulled back a little, then surged right back, up 134.4%. Real money is still flowing in as the price falls—this isn’t a low-volume slide.
Here’s the twist: negative funding isn’t a reward for bears; it’s a bill. The more negative the rate, the more it costs to hold a short position. As long as the price doesn’t follow their script, covering their shorts will only push their costs higher. Upbit has listed Gitcoin on its KRW and USDT markets, and there are 10 news items in play—attention isn’t lacking.
Don’t guess the direction. Check your entry cost and leverage first, wait for confirmation, and don’t let funding rates backfire on you.
Risk warning: A 65.9% gain is already on the chart. Pullbacks never give advance notice.
#GTC #币安 #Bitcoin