AKE hit its steepest drop of this round today, but short sellers didn’t follow by raising their bids. It fell 33.7% in 24 hours to a current price of 0.006167, yet the 4-hour funding rate rebounded from -0.3176% to -0.0536%. The price is falling steeply, while shorts’ willingness to pay has dropped by more than 80%. That’s the key thing to unpack in today’s market.
AKE settles its funding rate every four hours. At -0.3176%, assuming six settlements a day, short sellers were paying about 1.9% of their position in daily funding costs. Now that the rate has recovered to -0.0536%, the daily cost is down to about 0.32%. Note that the rate is still negative: shorts haven’t exited entirely; they’re just unwilling to keep paying up to chase the price lower. After a one-third drop, shorts are weighing the risk-reward too: keep pressing and risk a rebound, or close out and give up their positions benefiting from negative funding. So this signal doesn’t mean “shorts have fled”; it means “shorts have stopped paying up.” The momentum behind shorting is fading, but the trend hasn’t reversed.
Open interest and trading volume point to the same contradiction. 24-hour perpetuals volume was 111.2M USDT, while open interest was only 9.77M USDT—more than 11 times smaller than trading volume. This suggests that short-term intraday traders are in control: high turnover, low open interest, and no sign of large players building positions at the lows. With open interest not increasing, the sustainability of the downward pressure from shorts is questionable. On the other hand, low open interest also means a small amount of capital can move the price, so wicks and sharp rebounds can be dramatic. The 33% drop wasn’t driven by large short positions; it looks more like a mix of short-term long liquidations and short covering.
The account breakdown is also worth watching. Long accounts make up 60.3%. The price has already fallen 33.7%, yet six in ten accounts are still long. Account counts aren’t margin and shouldn’t be mistaken for position size, but they give a clear read on sentiment: dip buyers are still in the market, and weak hands haven’t been fully shaken out. In this setup, any rebound will first face selling from holders trying to break even, making it difficult for the price to climb. If it falls further, these longs may also be forced to close, triggering one final leg down. Bottoms are usually accompanied by a decline in the share of long accounts. At 60.3%, there’s still a way to go before the market looks “clean.”
So my view is: don’t chase shorts here, but don’t rush to catch a falling knife either. Wait for two confirmations. First, the funding rate moves back near zero or even turns positive, while open interest stops falling—showing that shorts are truly exiting. Second, the share of long accounts drops clearly from 60.3%, showing that a round of weak hands has been shaken out. Until both happen, treat any rebound as a chance to get out. Short-term intraday trades are fine, but keep overnight positions small. With negative funding and low open interest, wicks and slippage can magnify losses. Don’t bet on a reversal by stubbornly holding a losing position.
#AKE #加密货币 #Crypto
AKE settles its funding rate every four hours. At -0.3176%, assuming six settlements a day, short sellers were paying about 1.9% of their position in daily funding costs. Now that the rate has recovered to -0.0536%, the daily cost is down to about 0.32%. Note that the rate is still negative: shorts haven’t exited entirely; they’re just unwilling to keep paying up to chase the price lower. After a one-third drop, shorts are weighing the risk-reward too: keep pressing and risk a rebound, or close out and give up their positions benefiting from negative funding. So this signal doesn’t mean “shorts have fled”; it means “shorts have stopped paying up.” The momentum behind shorting is fading, but the trend hasn’t reversed.
Open interest and trading volume point to the same contradiction. 24-hour perpetuals volume was 111.2M USDT, while open interest was only 9.77M USDT—more than 11 times smaller than trading volume. This suggests that short-term intraday traders are in control: high turnover, low open interest, and no sign of large players building positions at the lows. With open interest not increasing, the sustainability of the downward pressure from shorts is questionable. On the other hand, low open interest also means a small amount of capital can move the price, so wicks and sharp rebounds can be dramatic. The 33% drop wasn’t driven by large short positions; it looks more like a mix of short-term long liquidations and short covering.
The account breakdown is also worth watching. Long accounts make up 60.3%. The price has already fallen 33.7%, yet six in ten accounts are still long. Account counts aren’t margin and shouldn’t be mistaken for position size, but they give a clear read on sentiment: dip buyers are still in the market, and weak hands haven’t been fully shaken out. In this setup, any rebound will first face selling from holders trying to break even, making it difficult for the price to climb. If it falls further, these longs may also be forced to close, triggering one final leg down. Bottoms are usually accompanied by a decline in the share of long accounts. At 60.3%, there’s still a way to go before the market looks “clean.”
So my view is: don’t chase shorts here, but don’t rush to catch a falling knife either. Wait for two confirmations. First, the funding rate moves back near zero or even turns positive, while open interest stops falling—showing that shorts are truly exiting. Second, the share of long accounts drops clearly from 60.3%, showing that a round of weak hands has been shaken out. Until both happen, treat any rebound as a chance to get out. Short-term intraday trades are fine, but keep overnight positions small. With negative funding and low open interest, wicks and slippage can magnify losses. Don’t bet on a reversal by stubbornly holding a losing position.
#AKE #加密货币 #Crypto