Let’s look at this afternoon’s trade on its own.
The modular narrative has no one stepping in to support it today: spot is around 0.42, down about 8% in 24 hours, with trading volume just over $40 million. The account long/short ratio has tightened to 0.86, with shorts a little more crowded; open interest, however, has risen by about half a percent over the past hour. Price is falling, but positions aren’t shrinking—it looks more like positions changing hands than a clean exit. Funding rates are nearly flat, and no one seems in a hurry to squeeze out the shorts. I’ll keep watching this divergence for now.
$TIA #US stocks shed over $2 trillion overnight; multiple hedge funds face liquidation
The modular narrative has no one stepping in to support it today: spot is around 0.42, down about 8% in 24 hours, with trading volume just over $40 million. The account long/short ratio has tightened to 0.86, with shorts a little more crowded; open interest, however, has risen by about half a percent over the past hour. Price is falling, but positions aren’t shrinking—it looks more like positions changing hands than a clean exit. Funding rates are nearly flat, and no one seems in a hurry to squeeze out the shorts. I’ll keep watching this divergence for now.
$TIA #US stocks shed over $2 trillion overnight; multiple hedge funds face liquidation
