ETH plunges 5.6% and longs are still paying a positive funding rate—longs are handing money to the other side
Today’s daytime selloff deserves a closer look for reasons that go well beyond the size of the drop.
BTC was pushed down from its intraday high of 83930 to 80188. It’s now at 80940, down 3%, with $16.83B in trading volume. The most striking thing is the funding rate: slightly negative, hovering around zero. A 3% drop with the funding rate this calm suggests leverage has already been flushed out once. What’s left in the market is positions, not emotion.
ETH is the real star today—in the wrong direction. It plunged from 2522.8 to 2313.39, down 5.6%, with $13.59B in trading volume. Even more absurdly, the funding rate is still positive: prices have been slashed this much, and longs are still dutifully paying funding. That’s not conviction; that’s handing money to the other side. And 2362 is already below the daily buy point at 2371.59. The pivot has been lost, and the short-term structure is broken.
The supporting cast isn’t putting up a fight either: BNB is down 2.96%, with 721 lying motionless below its daily buy point of 722.4; XRP is down 4.9%, at 1.3057—just a step away from its 1.3 buy point. Earlier today, it already dipped to 1.2831 to test the waters.
Keep an eye on two things overnight.
① Can BTC hold 80655.8? It tested 80188 earlier today and recovered, which shows there are buyers in this area—but they’re buying through gritted teeth. If it holds, the first rebound target is 82386.7, followed by the daily sell point at 83372.4. If it breaks below 80188, there’s no data-backed support below to point to. That’s a vacuum zone, so don’t get itchy trigger fingers.
② Can ETH reclaim 2371.59? Only a move back above it would count as stopping the bleeding. The rebound target is 2450.58. If it can’t reclaim that level, 2313.39 is the overnight test. If it breaks down, don’t call it a bargain and rush to buy—that’s just paying tuition to the market.
Direction: bearish signals are clear. Everything closed lower, ETH led the decline while longs kept paying funding, and two of the four coins have already broken below their daily buy points. Remember: a rebound is a window to take profits, not an opportunity to buy a ticket back in.
One last harsh truth: when the market fell 3% today, some called it a “golden pit”; when ETH dropped 5.6%, others called it a “diamond bottom.” If it falls further, are you going to call it a “universal bottom”? Ignoring the data while staying busy inventing names—that’s a habit that needs fixing.
$BTC Daily sell point: $83372 Daily buy point: $80656
$ETH Daily sell point: $2499.79 Daily buy point: $2371.59
$BNB Daily sell point: $743.4 Daily buy point: $722.4
$BTC #BTC $ETH #ETH
Today’s daytime selloff deserves a closer look for reasons that go well beyond the size of the drop.
BTC was pushed down from its intraday high of 83930 to 80188. It’s now at 80940, down 3%, with $16.83B in trading volume. The most striking thing is the funding rate: slightly negative, hovering around zero. A 3% drop with the funding rate this calm suggests leverage has already been flushed out once. What’s left in the market is positions, not emotion.
ETH is the real star today—in the wrong direction. It plunged from 2522.8 to 2313.39, down 5.6%, with $13.59B in trading volume. Even more absurdly, the funding rate is still positive: prices have been slashed this much, and longs are still dutifully paying funding. That’s not conviction; that’s handing money to the other side. And 2362 is already below the daily buy point at 2371.59. The pivot has been lost, and the short-term structure is broken.
The supporting cast isn’t putting up a fight either: BNB is down 2.96%, with 721 lying motionless below its daily buy point of 722.4; XRP is down 4.9%, at 1.3057—just a step away from its 1.3 buy point. Earlier today, it already dipped to 1.2831 to test the waters.
Keep an eye on two things overnight.
① Can BTC hold 80655.8? It tested 80188 earlier today and recovered, which shows there are buyers in this area—but they’re buying through gritted teeth. If it holds, the first rebound target is 82386.7, followed by the daily sell point at 83372.4. If it breaks below 80188, there’s no data-backed support below to point to. That’s a vacuum zone, so don’t get itchy trigger fingers.
② Can ETH reclaim 2371.59? Only a move back above it would count as stopping the bleeding. The rebound target is 2450.58. If it can’t reclaim that level, 2313.39 is the overnight test. If it breaks down, don’t call it a bargain and rush to buy—that’s just paying tuition to the market.
Direction: bearish signals are clear. Everything closed lower, ETH led the decline while longs kept paying funding, and two of the four coins have already broken below their daily buy points. Remember: a rebound is a window to take profits, not an opportunity to buy a ticket back in.
One last harsh truth: when the market fell 3% today, some called it a “golden pit”; when ETH dropped 5.6%, others called it a “diamond bottom.” If it falls further, are you going to call it a “universal bottom”? Ignoring the data while staying busy inventing names—that’s a habit that needs fixing.
$BTC Daily sell point: $83372 Daily buy point: $80656
$ETH Daily sell point: $2499.79 Daily buy point: $2371.59
$BNB Daily sell point: $743.4 Daily buy point: $722.4
$BTC #BTC $ETH #ETH