The fallout from Binance’s hack hasn’t died down yet. Bitcoin moved only about 1% in a day, but money quietly flowed into DeFi and mid-cap infrastructure projects. $OP is leading the way, and I’m bullish on it.
The reason isn’t the price gain, but the short-side positioning: OP rose more than 20%, yet its estimated funding rate fell to around -0.12%—the most negative among the major perpetual contracts I checked. Shorts are paying to stubbornly hold their positions. The number of tokens in open interest rose by less than 5% in 24 hours, so this move wasn’t driven by a buildup of new leveraged longs.
One thing that’s not so reassuring: the share of large traders’ long positions has been steadily declining. They’re trimming their positions as the price rises.
The 16:00 settlement for OP perpetuals today is one to watch. If the funding rate settles at this level, the cost of holding short positions will rise. Also, watch whether these mid-caps continue to follow along if BTC recovers.
#加密杠杆头寸24小时清算15亿美元 $OP $ONDO $LINK
The reason isn’t the price gain, but the short-side positioning: OP rose more than 20%, yet its estimated funding rate fell to around -0.12%—the most negative among the major perpetual contracts I checked. Shorts are paying to stubbornly hold their positions. The number of tokens in open interest rose by less than 5% in 24 hours, so this move wasn’t driven by a buildup of new leveraged longs.
One thing that’s not so reassuring: the share of large traders’ long positions has been steadily declining. They’re trimming their positions as the price rises.
The 16:00 settlement for OP perpetuals today is one to watch. If the funding rate settles at this level, the cost of holding short positions will rise. Also, watch whether these mid-caps continue to follow along if BTC recovers.
#加密杠杆头寸24小时清算15亿美元 $OP $ONDO $LINK
