The takeaway first: LINK open interest is rising, but liquidations have hit almost entirely on the long side. Traders chasing the rally are hurting more than shorts.
LINK open interest across exchanges is about $512 million, up 2.83% in 24 hours. Binance open interest rose 4.29%, and OKX’s rose 2.84%, showing that leveraged positions are still piling in. The price is around $12.53, with gains of about 0.5% on both Binance and OKX; it hasn’t broken out of its range.
Over the past 24 hours, LINK liquidations totaled $2.035 million, of which $1.911 million—or 94%—were longs. This suggests that new positions didn’t catch a favorable tailwind; traders chasing longs paid the price first.
Funding rates diverged: Binance was positive, meaning longs received funding from shorts; OKX was negative, meaning longs paid shorts. With the two exchanges pointing in opposite directions, don’t rely on the average alone to judge which side is more crowded.
$LINK $BTC
The funding rates on the two exchanges are positive and negative, respectively. Would you wait until they align before entering?
View in real time: https://www.coinboss.com/currencies/LINK