All three coins are up today. The one that’s up the most is seeing positions cut.
ETH $2,436.95, +3.11%.
SOL $105.10, +2.37%.
BTC $81,983.52, +1.28%.
Gainers: ETH > SOL > BTC.
Open interest rankings are the reverse.
SOL 8,961,861 → 9,090,692 SOL, +1.44%, an eight-day high.
BTC 93,117 → 94,395 BTC, +1.37%, an eight-day high.
ETH 2,375,942 → 2,258,307 ETH, -4.95%, an eight-day low.
117,635 ETH gone in one day.
Yesterday ETH fell 5.20%, while open interest rose from 2,270,359 to 2,375,942, up 4.65%.
Today ETH is up 3.11%, while open interest has dropped from 2,375,942 back to 2,258,307, down 4.95%.
A round trip in two days. Open interest is even lower than around 10-14, while the price is higher.
Same leg, two directions. Yesterday, buyers stepped in as ETH fell; today, people are taking profits as it rises.
Price up with open interest up, and price up with open interest down, are two different things. The former means new money coming in; the latter means short covering.
BTC and SOL are following the first pattern today. Prices are up, and open interest has hit eight-day highs.
ETH is following the second. ETH/BTC is 0.029730 today, +1.78%; ETH outperformed BTC by 1.83 percentage points.
But this strength is being driven by shorts closing, not by longs adding leverage. Those are different things.
Funding rates are positive across all three.
At the 10-16 00:00 settlement: ETH +0.0075%, BTC +0.0054%, SOL +0.0044%. Longs are paying across the board, with ETH the most expensive.
At the previous settlement (10-15 16:00), ETH was still at +0.0054%.
BTC’s path has been more volatile. At 10-15 00:00 it was -0.0041%, with shorts paying;
that afternoon it flipped to +0.0066%, then fell back to +0.0018%, and is now at +0.0054%.
It changed direction twice in one day.
Long-short ratios have all given back their gains today.
Large traders’ long share:
BTC 65.13% → 61.27%
ETH 71.71% → 66.73%
SOL 74.30% → 72.91%
All three were at seven-day highs yesterday, and all have retreated today. SOL is back to 72.91%, exactly where it was on 10-13.
All-account positioning:
BTC 63.92% → 60.03%
ETH 77.14% → 72.52%, down 4.62 percentage points in one day
SOL 71.92% → 70.60%
ETH’s all-account ratio fell from a seven-day high of 77.14% to 72.52%.
The basis is the only indicator moving in a positive direction.
BTC perpetuals have been below spot for the eighth consecutive day, but the discount is the smallest today.
Daily: -36.82 → -53.29 → -51.45 → -45.90 → -41.47 → -44.12 → -30.13 dollars.
basisRate was stuck between -0.05% and -0.06% for the first six trading days; today it’s at -0.04%.
A smaller discount, retreating long-short ratios, and all-positive funding rates point to the same thing:
the positions that piled in most aggressively yesterday are being cut today.
Volume was elevated yesterday.
BTC traded 22,563 BTC over the full day yesterday, an eight-day high.
Rolling 24-hour trading volume: BTC $1.550 billion, ETH $832 million, SOL $235 million.
Where things stand.
BTC hit a low of $79,800 today, breaking below $80,393.56 from 10-08 to set a new low for this cycle.
The high was $82,634; the upper bound is still $84,352 from 10-12.
ETH’s low today was $2,324.22, versus yesterday’s low of $2,318.
Sentiment: Fear & Greed at 63, up from 53 yesterday; it was 69 around 10-12.
It’s climbed from 53 back to 63 in three days, alongside the price.
Four levels to watch.
First, can BTC hold $79,800? That’s where yesterday’s high-volume selloff took it. If $80,000 breaks, there’s no daily-chart reference left, so we’ll have to look at the hourly chart.
Second, will ETH open interest at 2,258,307 keep falling? It rose +4.65% yesterday and fell -4.95% today; one more day of declines would mean net outflows for three straight days.
Third, BTC open interest at 94,395 and SOL at 9,090,692 are both eight-day highs. A drop would be the first sign of new money pulling out.
Fourth, BTC funding is still above +0.0054%, so longs are still paying. The settlement that turns negative will be the point when this batch of positions starts to unwind.
Days when price and open interest move in the same direction are rare. When they coincide, they’re worth a closer look.
$BTC $ETH $SOL
ETH $2,436.95, +3.11%.
SOL $105.10, +2.37%.
BTC $81,983.52, +1.28%.
Gainers: ETH > SOL > BTC.
Open interest rankings are the reverse.
SOL 8,961,861 → 9,090,692 SOL, +1.44%, an eight-day high.
BTC 93,117 → 94,395 BTC, +1.37%, an eight-day high.
ETH 2,375,942 → 2,258,307 ETH, -4.95%, an eight-day low.
117,635 ETH gone in one day.
Yesterday ETH fell 5.20%, while open interest rose from 2,270,359 to 2,375,942, up 4.65%.
Today ETH is up 3.11%, while open interest has dropped from 2,375,942 back to 2,258,307, down 4.95%.
A round trip in two days. Open interest is even lower than around 10-14, while the price is higher.
Same leg, two directions. Yesterday, buyers stepped in as ETH fell; today, people are taking profits as it rises.
Price up with open interest up, and price up with open interest down, are two different things. The former means new money coming in; the latter means short covering.
BTC and SOL are following the first pattern today. Prices are up, and open interest has hit eight-day highs.
ETH is following the second. ETH/BTC is 0.029730 today, +1.78%; ETH outperformed BTC by 1.83 percentage points.
But this strength is being driven by shorts closing, not by longs adding leverage. Those are different things.
Funding rates are positive across all three.
At the 10-16 00:00 settlement: ETH +0.0075%, BTC +0.0054%, SOL +0.0044%. Longs are paying across the board, with ETH the most expensive.
At the previous settlement (10-15 16:00), ETH was still at +0.0054%.
BTC’s path has been more volatile. At 10-15 00:00 it was -0.0041%, with shorts paying;
that afternoon it flipped to +0.0066%, then fell back to +0.0018%, and is now at +0.0054%.
It changed direction twice in one day.
Long-short ratios have all given back their gains today.
Large traders’ long share:
BTC 65.13% → 61.27%
ETH 71.71% → 66.73%
SOL 74.30% → 72.91%
All three were at seven-day highs yesterday, and all have retreated today. SOL is back to 72.91%, exactly where it was on 10-13.
All-account positioning:
BTC 63.92% → 60.03%
ETH 77.14% → 72.52%, down 4.62 percentage points in one day
SOL 71.92% → 70.60%
ETH’s all-account ratio fell from a seven-day high of 77.14% to 72.52%.
The basis is the only indicator moving in a positive direction.
BTC perpetuals have been below spot for the eighth consecutive day, but the discount is the smallest today.
Daily: -36.82 → -53.29 → -51.45 → -45.90 → -41.47 → -44.12 → -30.13 dollars.
basisRate was stuck between -0.05% and -0.06% for the first six trading days; today it’s at -0.04%.
A smaller discount, retreating long-short ratios, and all-positive funding rates point to the same thing:
the positions that piled in most aggressively yesterday are being cut today.
Volume was elevated yesterday.
BTC traded 22,563 BTC over the full day yesterday, an eight-day high.
Rolling 24-hour trading volume: BTC $1.550 billion, ETH $832 million, SOL $235 million.
Where things stand.
BTC hit a low of $79,800 today, breaking below $80,393.56 from 10-08 to set a new low for this cycle.
The high was $82,634; the upper bound is still $84,352 from 10-12.
ETH’s low today was $2,324.22, versus yesterday’s low of $2,318.
Sentiment: Fear & Greed at 63, up from 53 yesterday; it was 69 around 10-12.
It’s climbed from 53 back to 63 in three days, alongside the price.
Four levels to watch.
First, can BTC hold $79,800? That’s where yesterday’s high-volume selloff took it. If $80,000 breaks, there’s no daily-chart reference left, so we’ll have to look at the hourly chart.
Second, will ETH open interest at 2,258,307 keep falling? It rose +4.65% yesterday and fell -4.95% today; one more day of declines would mean net outflows for three straight days.
Third, BTC open interest at 94,395 and SOL at 9,090,692 are both eight-day highs. A drop would be the first sign of new money pulling out.
Fourth, BTC funding is still above +0.0054%, so longs are still paying. The settlement that turns negative will be the point when this batch of positions starts to unwind.
Days when price and open interest move in the same direction are rare. When they coincide, they’re worth a closer look.
$BTC $ETH $SOL