$PTB Funding rate: -0.077% per 4 hours, or -169% annualized. The price surged nearly 70% in a day, yet the funding rate is still deeply negative—shorts have been paying longs the whole time.
· 24h gain: +66.9%; the low-to-high range was nearly 2x
· Open interest down 38.6% in 24h, with just $1.72 million remaining
· Open interest/market cap: 102.4%; the derivatives market is larger than the entire spot market
· Long/short account ratio: 2.8; retail traders are almost unanimously long
PTB is the token of Portal to Bitcoin, which enables atomic swaps of Bitcoin-native assets without bridges or wrapped tokens—in effect, opening a direct route for BTC, Inscriptions, and Runes to other chains.
With the price up this much while open interest is falling, the move seems to have been driven by shorts getting liquidated and closing positions, rather than fresh money flowing in. The shorts still left are willing to tough it out despite the high funding rate, probably convinced this rally won't hold. Next, watch who cracks first: longs get shaken out after chasing the rally, or shorts get squeezed again. Either is plausible.
Market cap is only $1.68 million, and derivatives trading is larger than spot. Wicks could get ugly. Circulating supply is 24.7% of the total, and FDV is roughly 4x the market cap. Data sources use different circulating-supply figures, and more token unlocks are still ahead. Even if shorts get squeezed, this looks more like a short-term trade.
#PTB #资金费率 #WildCoin
· 24h gain: +66.9%; the low-to-high range was nearly 2x
· Open interest down 38.6% in 24h, with just $1.72 million remaining
· Open interest/market cap: 102.4%; the derivatives market is larger than the entire spot market
· Long/short account ratio: 2.8; retail traders are almost unanimously long
PTB is the token of Portal to Bitcoin, which enables atomic swaps of Bitcoin-native assets without bridges or wrapped tokens—in effect, opening a direct route for BTC, Inscriptions, and Runes to other chains.
With the price up this much while open interest is falling, the move seems to have been driven by shorts getting liquidated and closing positions, rather than fresh money flowing in. The shorts still left are willing to tough it out despite the high funding rate, probably convinced this rally won't hold. Next, watch who cracks first: longs get shaken out after chasing the rally, or shorts get squeezed again. Either is plausible.
Market cap is only $1.68 million, and derivatives trading is larger than spot. Wicks could get ugly. Circulating supply is 24.7% of the total, and FDV is roughly 4x the market cap. Data sources use different circulating-supply figures, and more token unlocks are still ahead. Even if shorts get squeezed, this looks more like a short-term trade.
#PTB #资金费率 #WildCoin