$BMT The previous post left the 04:00 settlement as a point to watch. The reading is in: -0.8031%, further into negative territory than the -0.7691% at the time, and nowhere near the zero line.
Spot also pulled back a little: from 0.02642 at the time of the previous post to 0.02612. The mark price barely moved, from 0.02565107 to 0.02565885, so the discount narrowed from 2.91% to 1.77%. The narrowing came from spot moving lower; the contract side did not strengthen.
Over the past four hours, the price is up +0.89%, with a range of 0.02504 to 0.02673. The low rose from 0.02392 in the previous candle, while the high retreated from 0.0289. Both ends moved toward the middle, leaving the range only about a third as wide as the previous candle. The 24-hour change is still +25.94% on paper.
Volatility has shrunk and spot has edged lower, but the funding rate has not eased. The upward momentum seems to have stalled, while the cost side remains where it was. The same threshold still determines whether this level has truly shifted: close above 0.0289 and hold; if 0.02392 breaks again, the whole move is given back. Whether the 08:00 settlement gives us a direction is more worth watching than price grinding sideways.
#MarketAnalysis
Spot also pulled back a little: from 0.02642 at the time of the previous post to 0.02612. The mark price barely moved, from 0.02565107 to 0.02565885, so the discount narrowed from 2.91% to 1.77%. The narrowing came from spot moving lower; the contract side did not strengthen.
Over the past four hours, the price is up +0.89%, with a range of 0.02504 to 0.02673. The low rose from 0.02392 in the previous candle, while the high retreated from 0.0289. Both ends moved toward the middle, leaving the range only about a third as wide as the previous candle. The 24-hour change is still +25.94% on paper.
Volatility has shrunk and spot has edged lower, but the funding rate has not eased. The upward momentum seems to have stalled, while the cost side remains where it was. The same threshold still determines whether this level has truly shifted: close above 0.0289 and hold; if 0.02392 breaks again, the whole move is given back. Whether the 08:00 settlement gives us a direction is more worth watching than price grinding sideways.
#MarketAnalysis
