BTC 79,906, down 1.23%. ETH 2,304, down 2.21%.
Both closed in the bottom 4% of the day's range. Right on the floor.
But the interesting thing today isn't the drop—it's leverage.
1. BTC's taker buy/sell ratio is 0.64, with sellers in control. Spot is definitely getting hit.
2. But ETH's funding rate is down to just 0.0009%, or 1.0% annualized. BTC's is 0.0023%, also close to zero.
Funding rates near zero mean leveraged traders have largely left the market. Spot is getting sold, but nobody in futures is following suit by adding positions. This isn't panic—it's a lack of participation.
3. I've been watching IDOL all day. Its deviation from the average price went from +15.55% this morning to +2.26%, and now it's down to just +0.97%. The gain is still sitting at +64.6%, but its trading center of gravity has already returned to the average price. The high-level rotation is done.
By sector, Alpha is up 0.8% on average—the only sector with net inflows. Other is down 4.7%, Storage 4.5%, and Layer-2 3.6%; money is flowing out of these areas.
I prefer the deviation from the average price. Price changes can be pulled around by a single wick; deviation reflects where the trades are actually centered.
Three questions. I won't answer them:
After leveraged traders leave, who's going to absorb the spot selling pressure?
How many days can these Alpha inflows hold up?
Now that IDOL's trading center of gravity has returned to the average, is the momentum still there?
What do you think?
Data source: Binance USDT-margined futures, collected on 10-29 at 10:29 Beijing time.
#BTC #ETH
Both closed in the bottom 4% of the day's range. Right on the floor.
But the interesting thing today isn't the drop—it's leverage.
1. BTC's taker buy/sell ratio is 0.64, with sellers in control. Spot is definitely getting hit.
2. But ETH's funding rate is down to just 0.0009%, or 1.0% annualized. BTC's is 0.0023%, also close to zero.
Funding rates near zero mean leveraged traders have largely left the market. Spot is getting sold, but nobody in futures is following suit by adding positions. This isn't panic—it's a lack of participation.
3. I've been watching IDOL all day. Its deviation from the average price went from +15.55% this morning to +2.26%, and now it's down to just +0.97%. The gain is still sitting at +64.6%, but its trading center of gravity has already returned to the average price. The high-level rotation is done.
By sector, Alpha is up 0.8% on average—the only sector with net inflows. Other is down 4.7%, Storage 4.5%, and Layer-2 3.6%; money is flowing out of these areas.
I prefer the deviation from the average price. Price changes can be pulled around by a single wick; deviation reflects where the trades are actually centered.
Three questions. I won't answer them:
After leveraged traders leave, who's going to absorb the spot selling pressure?
How many days can these Alpha inflows hold up?
Now that IDOL's trading center of gravity has returned to the average, is the momentum still there?
What do you think?
Data source: Binance USDT-margined futures, collected on 10-29 at 10:29 Beijing time.
#BTC #ETH