GTC is still quite active around midday: the current price is roughly 0.263, up about 27% over the past 24 hours, with the high and low around 0.269 and 0.205. Futures trading volume is in the hundreds of millions of dollars. The funding rate is extremely negative at around -1.37% (shorts are paying longs), and it has stayed negative over the past several periods, at times nearing -1%. Open interest has risen about 33% over the past day, and notional open interest is also climbing. The long/short ratio by account is about 57% in favor of longs, and large traders are slightly net long as well.
Looking at the chart, after yesterday afternoon’s rally from around 0.20, this morning’s 8 a.m. four-hour candle pushed up to 0.269. It has since pulled back slightly from the high. With funding this negative and open interest still rising, longs are collecting payments from shorts—but that also means a sharp pullback could follow once shorts have been stopped out or longs take profits. Don’t treat extreme funding as a guarantee that the price will “only go up.”
I’m cautiously bullish, but would only enter on a pullback rather than chase the price: aggressive traders could wait for a pullback to 0.245–0.250 and try a small long position, with a stop below 0.232. More conservative traders can wait for the price to regain and hold 0.265–0.268 before entering. The first target is 0.275; only then would I look toward 0.285. If the price breaks below 0.222 and fails to recover, let the bulls take a back seat for now—don’t stubbornly hold on.
These are just my own observations of the market, not investment advice. Manage your own position size and risk.
#GTC
Looking at the chart, after yesterday afternoon’s rally from around 0.20, this morning’s 8 a.m. four-hour candle pushed up to 0.269. It has since pulled back slightly from the high. With funding this negative and open interest still rising, longs are collecting payments from shorts—but that also means a sharp pullback could follow once shorts have been stopped out or longs take profits. Don’t treat extreme funding as a guarantee that the price will “only go up.”
I’m cautiously bullish, but would only enter on a pullback rather than chase the price: aggressive traders could wait for a pullback to 0.245–0.250 and try a small long position, with a stop below 0.232. More conservative traders can wait for the price to regain and hold 0.265–0.268 before entering. The first target is 0.275; only then would I look toward 0.285. If the price breaks below 0.222 and fails to recover, let the bulls take a back seat for now—don’t stubbornly hold on.
These are just my own observations of the market, not investment advice. Manage your own position size and risk.
#GTC