$JCT 24 surged 342% in 24 hours, climbing from 0.00287 to a high of 0.02134—its highest level since launching a year ago. But after the 8 p.m. hourly candle surged to its peak, it immediately fell back by about 45% and is now hovering around 0.0127.
More worth watching than the price gain are three figures:
1. Open interest rose from about $11 million to $63 million, nearly sixfold in a day. Most of the positions in the market were opened just today.
2. The funding rate climbed from its usual 0.005% to around 0.4%, with the next rate estimated at 0.71%. Funding settles every four hours, so the cost of holding a long position is already extremely high.
3. By account count, about 70% of traders are short, yet the funding rate is still rising. Both sides are packed with traders. Whoever can’t hold on first will become fuel for the next long wick.
It also spiked to 0.0073 on November 5, only to fall back to 0.0030 that same day. Assets with futures contracts but no spot-market support can rise fast, and often fall just as fast. For now, I’m more focused on how positions are changing hands than on how much higher the price can go.
Data as of November 8, 22:53 (UTC). This is just a personal observation and does not constitute advice.
More worth watching than the price gain are three figures:
1. Open interest rose from about $11 million to $63 million, nearly sixfold in a day. Most of the positions in the market were opened just today.
2. The funding rate climbed from its usual 0.005% to around 0.4%, with the next rate estimated at 0.71%. Funding settles every four hours, so the cost of holding a long position is already extremely high.
3. By account count, about 70% of traders are short, yet the funding rate is still rising. Both sides are packed with traders. Whoever can’t hold on first will become fuel for the next long wick.
It also spiked to 0.0073 on November 5, only to fall back to 0.0030 that same day. Assets with futures contracts but no spot-market support can rise fast, and often fall just as fast. For now, I’m more focused on how positions are changing hands than on how much higher the price can go.
Data as of November 8, 22:53 (UTC). This is just a personal observation and does not constitute advice.