The top gainer in the futures market is seeing shorts pile in instead: $GTC , up 11.34% in 24 hours, with a funding rate of -0.4225%. That means short sellers are paying long buyers.
1. $GTC +11.34%
2. $ERA +9.59%
3. $KORUB +5.85%
Over the same period, BTC is up 1.04% in 24 hours, so this asset is clearly outperforming the broader market. With the price rising while the funding rate remains so negative, shorts are getting increasingly squeezed as the price climbs. This move may be related to Jensen Huang appearing at NVIDIA GTC this week.
Keep an eye on the funding rate next: if it turns even more negative, shorts are still adding to their positions; if it starts moving back toward zero, some may be unable to take the pressure and close their short positions—and closing a short is itself a buy order.
1. $GTC +11.34%
2. $ERA +9.59%
3. $KORUB +5.85%
Over the same period, BTC is up 1.04% in 24 hours, so this asset is clearly outperforming the broader market. With the price rising while the funding rate remains so negative, shorts are getting increasingly squeezed as the price climbs. This move may be related to Jensen Huang appearing at NVIDIA GTC this week.
Keep an eye on the funding rate next: if it turns even more negative, shorts are still adding to their positions; if it starts moving back toward zero, some may be unable to take the pressure and close their short positions—and closing a short is itself a buy order.