Withdrawals have just reopened—don’t rush to celebrate. This public blockchain, only just back to allowing deposits and withdrawals, is still down around 7% on the week and about 2% today. Longs still occupy roughly 70% of the seats in perpetuals, collecting subsidies while funding is inverted, and open interest keeps climbing.
$APT: down about 2.1% in a day and 6.9% in a week, currently around 0.591. The weekly high was about 0.660, giving back roughly 10.5%. The account long/short ratio is about 2.29 (roughly 70% long); funding is inverted at around −0.014%/8h, and OI is up about 3.2%. Withdrawals are back, the seats are crowded, longs are collecting subsidies from inverted funding, and money is still flowing in—don’t take 0.591 as confirmation of a recovery, or as proof that the shakeout is over.
On the same venue, $NEAR also has about 68% of the seats occupied. It’s down around 14.9% on the week, with about 19.2% given back from the weekly high. Funding is even less inverted, and OI is down about 2.4%. The seats are about equally crowded, the hole is deeper, but money is flowing out.
The resumption of withdrawals is a liquidity event, not proof that the price has already priced it in. Do you think the return of deposits and withdrawals is a reason to breathe easy, or should we wait and see because the seats haven’t cleared yet? Pick a side.
#midnovembermarket
$APT: down about 2.1% in a day and 6.9% in a week, currently around 0.591. The weekly high was about 0.660, giving back roughly 10.5%. The account long/short ratio is about 2.29 (roughly 70% long); funding is inverted at around −0.014%/8h, and OI is up about 3.2%. Withdrawals are back, the seats are crowded, longs are collecting subsidies from inverted funding, and money is still flowing in—don’t take 0.591 as confirmation of a recovery, or as proof that the shakeout is over.
On the same venue, $NEAR also has about 68% of the seats occupied. It’s down around 14.9% on the week, with about 19.2% given back from the weekly high. Funding is even less inverted, and OI is down about 2.4%. The seats are about equally crowded, the hole is deeper, but money is flowing out.
The resumption of withdrawals is a liquidity event, not proof that the price has already priced it in. Do you think the return of deposits and withdrawals is a reason to breathe easy, or should we wait and see because the seats haven’t cleared yet? Pick a side.
#midnovembermarket
