The whole market is getting battered, but Monero insists on being the reckless fool who pays “protection money” just to charge higher.
Yesterday, XMR defied the trend and surged about 13%, slamming into $650 (reported by CoinDesk and U.Today on October 22).
At the same time, its perpetual funding rate hit around 70% annualized: longs holding positions have to pay shorts interest equal to 70% of their position value each year.
Open interest (OI) climbed to around $370 million, nearly matching the January record.
CoinDesk called it out on the spot: the market’s only “crowded trade”—if the price turned around, it would be a ready-made liquidation target.
Before the words had even settled, the script began to play out.
This morning, CoinGecko’s live price was $596.33, down 5.1% over 24 hours and already about 8% off the $650 high.
The broader market was hurting too: BTC at $81,282 (-3.9%), ETH at $2,383 (-4.2%), the DeFi index down 5.6%, and $431 million in liquidations across the market over 24 hours.
To me, this is classic dark humor in leveraged markets: yesterday, traders paid a 70% annualized rate to “top up their faith”; today, they have to pay for that faith a second time—with unrealized losses.
The privacy narrative can fuel a burst of sentiment, but it can’t cover the interest bill that comes due every morning.
$600 is the first hurdle (the former resistance—now the question is whether it can turn into support). If it can’t hold, watch $570 and $540–550; to the upside, first reclaim $650–660. Invalidation: if it can’t get back above $650, the longs’ show is over.
What do you think this “pay-to-believe” rally is: the return of the privacy narrative’s champion, or another cautionary tale of “the funding rate gets paid, then the price turns around”?
$XMR $BTC
#门罗币 #FundingRate
Yesterday, XMR defied the trend and surged about 13%, slamming into $650 (reported by CoinDesk and U.Today on October 22).
At the same time, its perpetual funding rate hit around 70% annualized: longs holding positions have to pay shorts interest equal to 70% of their position value each year.
Open interest (OI) climbed to around $370 million, nearly matching the January record.
CoinDesk called it out on the spot: the market’s only “crowded trade”—if the price turned around, it would be a ready-made liquidation target.
Before the words had even settled, the script began to play out.
This morning, CoinGecko’s live price was $596.33, down 5.1% over 24 hours and already about 8% off the $650 high.
The broader market was hurting too: BTC at $81,282 (-3.9%), ETH at $2,383 (-4.2%), the DeFi index down 5.6%, and $431 million in liquidations across the market over 24 hours.
To me, this is classic dark humor in leveraged markets: yesterday, traders paid a 70% annualized rate to “top up their faith”; today, they have to pay for that faith a second time—with unrealized losses.
The privacy narrative can fuel a burst of sentiment, but it can’t cover the interest bill that comes due every morning.
$600 is the first hurdle (the former resistance—now the question is whether it can turn into support). If it can’t hold, watch $570 and $540–550; to the upside, first reclaim $650–660. Invalidation: if it can’t get back above $650, the longs’ show is over.
What do you think this “pay-to-believe” rally is: the return of the privacy narrative’s champion, or another cautionary tale of “the funding rate gets paid, then the price turns around”?
$XMR $BTC
#门罗币 #FundingRate