Cooling funding rates ≠ leverage has been flushed out.
Glassnode: The share of altcoins with funding rates above neutral has fallen from around 25% in late September to under 5%, near a two-year low—it looks calm. But measured at fixed prices, altcoin OI is down only about 5% from its October peak, meaning most leverage is still sitting there; leverage on over 40% of large-cap altcoins remains near yearly highs.
Cool funding rates, hot positions: this doesn’t mean “risk has been flushed out”—it means “the powder is still there, but the fuse is damp.” A pickup in funding rates would be the signal that crowded positioning is building again.
Do you think this is a breather, or a preview of the next wave of forced liquidations?
$SOL $XRP $BNB
#山寨 #Leverage
Glassnode: The share of altcoins with funding rates above neutral has fallen from around 25% in late September to under 5%, near a two-year low—it looks calm. But measured at fixed prices, altcoin OI is down only about 5% from its October peak, meaning most leverage is still sitting there; leverage on over 40% of large-cap altcoins remains near yearly highs.
Cool funding rates, hot positions: this doesn’t mean “risk has been flushed out”—it means “the powder is still there, but the fuse is damp.” A pickup in funding rates would be the signal that crowded positioning is building again.
Do you think this is a breather, or a preview of the next wave of forced liquidations?
$SOL $XRP $BNB
#山寨 #Leverage