$BLUR 24h, down 26.4% to 0.01415, after a flash crash at 4 a.m. Gate perpetuals hit a daily high of 0.01927 and a low of 0.0137, with an amplitude of about 39% and roughly 2.17 million U in volume. BTC was around 82,002 at the same time (-2.00%).
Price action: It was still slowly sliding around 0.018 last night. At 4 a.m., a single sell order of about 1.46 million U slammed the price from 0.01803 through to 0.01383, a 17% drop. The 5 a.m. bounce to 0.01558 was pushed back down, and it kept grinding lower between 6 and 7 a.m. to the daily low of 0.0137. It’s now making a weak bounce around 0.01415, unable to hold even 0.0145.
Cause: BTC fell over 2%, dragging altcoins down with it. The funding rate is -0.79% (4h), meaning shorts are paying heavily. This shows short positions are already crowded, but the price is still getting hammered—it’s not a short squeeze; longs are simply abandoning ship.
Bottom line: Don’t buy the dip. Short a rebound to 0.0148–0.0152, stop at 0.0158, and target 0.0137/0.0130. If it gets back above 0.0158, I’ll admit I was wrong. If it breaks straight through the daily low, don’t chase the short—wait for a bounce, then go again.
Price action: It was still slowly sliding around 0.018 last night. At 4 a.m., a single sell order of about 1.46 million U slammed the price from 0.01803 through to 0.01383, a 17% drop. The 5 a.m. bounce to 0.01558 was pushed back down, and it kept grinding lower between 6 and 7 a.m. to the daily low of 0.0137. It’s now making a weak bounce around 0.01415, unable to hold even 0.0145.
Cause: BTC fell over 2%, dragging altcoins down with it. The funding rate is -0.79% (4h), meaning shorts are paying heavily. This shows short positions are already crowded, but the price is still getting hammered—it’s not a short squeeze; longs are simply abandoning ship.
Bottom line: Don’t buy the dip. Short a rebound to 0.0148–0.0152, stop at 0.0158, and target 0.0137/0.0130. If it gets back above 0.0158, I’ll admit I was wrong. If it breaks straight through the daily low, don’t chase the short—wait for a bounce, then go again.