The Square trending feed is still debating whether Anthropic can go public on schedule, while Binance’s Pre-IPO perpetual has already plunged about 10% from today’s high.
To be clear: ANTHROPICUSDT is a Binance Pre-IPO perpetual that tracks expectations for the price of an unlisted company. It is not the actual stock or a tokenized stock. The current price is around 1,367, down about 8% over 24 hours. It hit a high of 1,522 and a low of 1,308, with about 150 million U in volume.
I’m bearish on this premium. The reason isn’t whether the IPO will fall through, but positioning: about 80% of accounts are long, large accounts are about 82% long, and the long-to-short ratio has surged to around 4:1. As the price fell, open contracts increased from about 53,700 to about 60,600. People are still talking about a trillion-dollar valuation, but the market is already pricing it at a discount—and longs keep piling in.
I’ll change my mind if the price gets back above 1,500 and the share of long accounts drops significantly.
#Anthropic #TradFi $ANTHROPIC
To be clear: ANTHROPICUSDT is a Binance Pre-IPO perpetual that tracks expectations for the price of an unlisted company. It is not the actual stock or a tokenized stock. The current price is around 1,367, down about 8% over 24 hours. It hit a high of 1,522 and a low of 1,308, with about 150 million U in volume.
I’m bearish on this premium. The reason isn’t whether the IPO will fall through, but positioning: about 80% of accounts are long, large accounts are about 82% long, and the long-to-short ratio has surged to around 4:1. As the price fell, open contracts increased from about 53,700 to about 60,600. People are still talking about a trillion-dollar valuation, but the market is already pricing it at a discount—and longs keep piling in.
I’ll change my mind if the price gets back above 1,500 and the share of long accounts drops significantly.
#Anthropic #TradFi $ANTHROPIC