$BAT 6 has doubled, yet more and more people are shorting it. In this situation, I’m more worried about the shorts.
OKX perpetuals data:
- Price is around 0.200; it closed at 0.097 on 10/8 and just touched a 60-day high of 0.206
- Open interest rose from about $890,000 to $6.16 million in 5 days—nearly 7x
- Funding rate: -0.41%/8h; the settlement at 8 a.m. today was -0.35%
- Long/short account ratio: 0.42; there are more than twice as many short accounts as long accounts
Price is up, open interest is up, and funding is deeply negative. Most of the new positions are probably countertrend shorts. Shorts pay longs 0.4% every 8 hours, so the longer they hold on, the more it hurts. People on X are still joking about “why is it going up,” and I haven’t found any clear positive catalyst, so this looks more like a positioning battle.
My take: bullish, but I wouldn’t chase above 0.2.
- A pullback to around 0.185 would be a more comfortable entry
- A drop below 0.177 (today’s opening price) would mean I was wrong
- If funding turns positive and the price still can’t hold above 0.206, it’s time to get out
It’s doubled and people are still brave enough to short it—whose side are you on?
#BAT #资金费率 #Altcoins
(Not investment advice)
OKX perpetuals data:
- Price is around 0.200; it closed at 0.097 on 10/8 and just touched a 60-day high of 0.206
- Open interest rose from about $890,000 to $6.16 million in 5 days—nearly 7x
- Funding rate: -0.41%/8h; the settlement at 8 a.m. today was -0.35%
- Long/short account ratio: 0.42; there are more than twice as many short accounts as long accounts
Price is up, open interest is up, and funding is deeply negative. Most of the new positions are probably countertrend shorts. Shorts pay longs 0.4% every 8 hours, so the longer they hold on, the more it hurts. People on X are still joking about “why is it going up,” and I haven’t found any clear positive catalyst, so this looks more like a positioning battle.
My take: bullish, but I wouldn’t chase above 0.2.
- A pullback to around 0.185 would be a more comfortable entry
- A drop below 0.177 (today’s opening price) would mean I was wrong
- If funding turns positive and the price still can’t hold above 0.206, it’s time to get out
It’s doubled and people are still brave enough to short it—whose side are you on?
#BAT #资金费率 #Altcoins
(Not investment advice)