Scanning the staking sector this afternoon—the restaking token is up about eight percent in a day, almost back at its weekly high. But the positioning doesn’t look like a recovery: shorts still have a slight edge, collecting a small subsidy while money keeps flowing in.
$ETHFI: up about +8.3% in a day / +8.9% in a week, currently around 0.6372. Weekly high around 0.6418, giving back about −0.7%. Account long/short ratio around 0.86 (about 46% long, with shorts having a slight edge; also around 0.86 about a day ago, barely changed). Funding is slightly inverted at around −0.0034%/8h, paying a small subsidy, while coin-margined OI is up about +3.5%. Price is near the weekly high, but positioning still slightly favors shorts, who are collecting a small subsidy, and money is flowing in—don’t take 0.6372 as confirmation that restaking is recovering, let alone proof that the bulls have established a foothold.
Meanwhile, $LDO is up about +3.7% in a day, down about −2.2% in a week, and currently around 0.3286. It has given back about −7.4% from its weekly high. Longs account for around 57% (long/short ratio around 1.34; about a day ago it was around 1.44 / 59%, so longs are pulling back). Funding is around +0.0030%/8h, with longs paying, and OI is down about −3.0%. Price is still in the weekly trough, longs are pulling back while still paying, and money is edging out.
One is testing its weekly high, but shorts still have the edge and are collecting a subsidy; the old staking token is still in the weekly trough, with longs paying. Is this a recovery in the staking sector, or just a pulse in restaking? Share a counterexample in the comments.
$ETHFI: up about +8.3% in a day / +8.9% in a week, currently around 0.6372. Weekly high around 0.6418, giving back about −0.7%. Account long/short ratio around 0.86 (about 46% long, with shorts having a slight edge; also around 0.86 about a day ago, barely changed). Funding is slightly inverted at around −0.0034%/8h, paying a small subsidy, while coin-margined OI is up about +3.5%. Price is near the weekly high, but positioning still slightly favors shorts, who are collecting a small subsidy, and money is flowing in—don’t take 0.6372 as confirmation that restaking is recovering, let alone proof that the bulls have established a foothold.
Meanwhile, $LDO is up about +3.7% in a day, down about −2.2% in a week, and currently around 0.3286. It has given back about −7.4% from its weekly high. Longs account for around 57% (long/short ratio around 1.34; about a day ago it was around 1.44 / 59%, so longs are pulling back). Funding is around +0.0030%/8h, with longs paying, and OI is down about −3.0%. Price is still in the weekly trough, longs are pulling back while still paying, and money is edging out.
One is testing its weekly high, but shorts still have the edge and are collecting a subsidy; the old staking token is still in the weekly trough, with longs paying. Is this a recovery in the staking sector, or just a pulse in restaking? Share a counterexample in the comments.
