This move in AXS isn't just a price drop—leverage is unwinding too. Open interest across all exchanges fell 5.94% over the past 24 hours, with Binance and OKX down 6.47% and 5.39%, respectively. This points to positions shrinking, but not to an anomaly on any single exchange.
The latest funding rate on Binance is positive at 0.000584%, meaning longs are paying shorts. Bybit is also positive at 0.003678%, so shorts aren't paying to hold their positions on either exchange. With prices weakening, open interest shrinking, and funding rates still positive, traders chasing longs are continuing to pay the cost.
Do you think AXS will keep flushing out long positions, or is it close to bottoming out?
Check live data: https://www.coinboss.com/currencies/AXS
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