A nighttime scan of the RWA ledger—the on-chain Treasury market was up around five points in a day, but the ledger doesn’t look like it’s celebrating: chairs are stuck at around 74%, paying rent at the ceiling, money is still piling in, and prices are still in the weekly hole.
$ONDO: up around +5.2% in a day / down around −4.6% in a week, current price around 0.3712. Weekly high around 0.4201, giving back around −11.6%. Long/short account ratio around 2.90 (around 74% long; about a day ago, around 2.92 / 74% long—the chairs have barely moved), funding rate at the ceiling around +0.010%/8h, paying rent; OI up around +8.4% over the past day. Price has bounced, chairs are crowded, rent is being paid at the ceiling, and money is piling in—but don’t take 0.3712 as proof that on-chain Treasuries have recovered, let alone that the weekly hole has been filled.
In the same arena, $ENA was nearly flat for the day (around +1.0%), down around −11.1% for the week, current price around 0.1530. It has given back around −19.6% from its weekly high; chairs are at around 63% (long/short ratio around 1.68; about a day ago, around 1.71 / 63% long—the chairs have eased back a little), funding near the ceiling at around +0.0090%/8h, paying rent; OI around −1.4%. Price hasn’t bounced, the hole is deeper, chairs are still occupied, rent is near the ceiling, and money has edged out.
On one side, prices have turned green, but chairs are crowded, rent is being paid at the ceiling, money is piling in, and prices are still in the weekly hole. On the other, the synthetic dollar has barely moved, the hole is deeper, and money has already left. Is this an RWA recovery, or is the ledger lining up to add fuel? Drop a counterexample in the comments.
$ONDO: up around +5.2% in a day / down around −4.6% in a week, current price around 0.3712. Weekly high around 0.4201, giving back around −11.6%. Long/short account ratio around 2.90 (around 74% long; about a day ago, around 2.92 / 74% long—the chairs have barely moved), funding rate at the ceiling around +0.010%/8h, paying rent; OI up around +8.4% over the past day. Price has bounced, chairs are crowded, rent is being paid at the ceiling, and money is piling in—but don’t take 0.3712 as proof that on-chain Treasuries have recovered, let alone that the weekly hole has been filled.
In the same arena, $ENA was nearly flat for the day (around +1.0%), down around −11.1% for the week, current price around 0.1530. It has given back around −19.6% from its weekly high; chairs are at around 63% (long/short ratio around 1.68; about a day ago, around 1.71 / 63% long—the chairs have eased back a little), funding near the ceiling at around +0.0090%/8h, paying rent; OI around −1.4%. Price hasn’t bounced, the hole is deeper, chairs are still occupied, rent is near the ceiling, and money has edged out.
On one side, prices have turned green, but chairs are crowded, rent is being paid at the ceiling, money is piling in, and prices are still in the weekly hole. On the other, the synthetic dollar has barely moved, the hole is deeper, and money has already left. Is this an RWA recovery, or is the ledger lining up to add fuel? Drop a counterexample in the comments.
