$SOPH funding rate: -0.154%/4h, annualized -336%. Price is down 16.2% in a day, and shorts are still paying to add to their positions.
· Open interest is up 25.7% over 24h, to $3.39 million
· Open interest/market cap: 40.7%, with leverage amplifying volatility
· Futures trading volume is 10.3x spot volume
· Long/short account ratio: 1.11, so there are slightly more longs by headcount
Sophon is a consumer-entertainment L2 built with ZK Stack. It uses zkTLS to turn data generated by users in their daily lives into assets they can control. Put simply, it aims to be a gateway that gets ordinary people using blockchain without them even realizing it. It was included in Binance's HODLer airdrop last May.
Price is falling while open interest keeps rising, so most new positions are likely shorts. Traders are willing to hold on despite such a deeply negative funding rate, suggesting shorts believe the downtrend isn't over. There are more longs by headcount, but their positions are smaller, so there is fuel for a short squeeze. Still, the small market can easily see sharp wicks. On the other hand, it also makes sense that shorts could keep collecting funding and slowly grind things down.
The narrative is shrinking. In June this year, the team said it would shut down its own L2 and move to Base. In August, Binance also placed it under a monitoring tag. There have been no new catalysts in recent days. The price is 98.5% below its all-time high, and 49.9% of the supply is circulating. FDV is roughly twice the market cap, so selling pressure hasn't cleared. Any rebound looks more like a sentiment recovery than a trend reversal.
#SOPH #资金费率 #WildCoin
· Open interest is up 25.7% over 24h, to $3.39 million
· Open interest/market cap: 40.7%, with leverage amplifying volatility
· Futures trading volume is 10.3x spot volume
· Long/short account ratio: 1.11, so there are slightly more longs by headcount
Sophon is a consumer-entertainment L2 built with ZK Stack. It uses zkTLS to turn data generated by users in their daily lives into assets they can control. Put simply, it aims to be a gateway that gets ordinary people using blockchain without them even realizing it. It was included in Binance's HODLer airdrop last May.
Price is falling while open interest keeps rising, so most new positions are likely shorts. Traders are willing to hold on despite such a deeply negative funding rate, suggesting shorts believe the downtrend isn't over. There are more longs by headcount, but their positions are smaller, so there is fuel for a short squeeze. Still, the small market can easily see sharp wicks. On the other hand, it also makes sense that shorts could keep collecting funding and slowly grind things down.
The narrative is shrinking. In June this year, the team said it would shut down its own L2 and move to Base. In August, Binance also placed it under a monitoring tag. There have been no new catalysts in recent days. The price is 98.5% below its all-time high, and 49.9% of the supply is circulating. FDV is roughly twice the market cap, so selling pressure hasn't cleared. Any rebound looks more like a sentiment recovery than a trend reversal.
#SOPH #资金费率 #WildCoin