The 4-hour funding rate rose to 0.0947% this period, up from last period, yet open interest for $IDOL is down 11.45% over the past day compared with this time yesterday. Huh?
I'm tentatively bearish: higher funding costs and waning participation fit the market action better than the idea that capital is piling in.
What goes against my view is that the long/short account ratio has rebounded from this time yesterday.
That counterpoint lowers my bearish conviction to mild.
The bulls are dressing up a hotter funding rate as growing enthusiasm. Pfft~. I’d rename that move: “The laundry basket is emptier, but the dryer is set even hotter.”
Let price levels have the final say:
If it falls below 0.0271, I can keep writing this bearish take.
If it rises above 0.0456, my bearish take is invalidated.
Do you see the 11.45% drop as enthusiasm fading,
or as enthusiasm catching its breath?
#IDOL #Open Interest
Data from Binance public market data. Not investment advice.
I'm tentatively bearish: higher funding costs and waning participation fit the market action better than the idea that capital is piling in.
What goes against my view is that the long/short account ratio has rebounded from this time yesterday.
That counterpoint lowers my bearish conviction to mild.
The bulls are dressing up a hotter funding rate as growing enthusiasm. Pfft~. I’d rename that move: “The laundry basket is emptier, but the dryer is set even hotter.”
Let price levels have the final say:
If it falls below 0.0271, I can keep writing this bearish take.
If it rises above 0.0456, my bearish take is invalidated.
Do you see the 11.45% drop as enthusiasm fading,
or as enthusiasm catching its breath?
#IDOL #Open Interest
Data from Binance public market data. Not investment advice.
