Late last night, I spotted a strange ledger: there’d been a security incident, the chain had even gone down, yet the coin had surged by nearly 80% in a day. The ledger doesn’t look like confidence is back: longs have turned into a short-dominated crowd, shorts are paying an absurd subsidy, and money is piling in fast.
$INIT: up about 82.7% in a day and 77.8% in a week; current price around 0.2517. Weekly high around 0.2707, down about 7.0% from there. The account long/short ratio is around 0.49 (about 33% long, with shorts in the majority; roughly a day ago it was around 0.95/49% long—the longs are backing out). Funding is deeply inverted at about −0.76%/8h, meaning shorts are collecting a hefty subsidy. Coin-margined OI is up about 95% (USDT-margined OI about 240%). Price is soaring, shorts still dominate and are backing out, collecting an absurd subsidy, while money piles in fast—don’t take 0.2517 as proof that confidence is back in despite the chain outage, and definitely don’t assume the short squeeze is over.
Meanwhile, $ICP is almost flat for the day (about −0.5%) and down about 8.2% for the week, with a current price around 2.383. Its weekly high was around 2.67, a pullback of about 10.7%. Longs make up around 69% (long/short ratio about 2.25; around 2.22 a day ago, barely changed). Funding is inverted at about −0.011%/8h, so longs are collecting a small subsidy. OI is down about 3.9%. Price hasn’t followed through; longs are crowded and collecting a slim subsidy, while money is leaving.
One coin soars amid an incident, with shorts paying absurd rent and money piling in at twice the rate; meanwhile, an old L1 is almost flat, crowded longs collect a slim subsidy, and money has already left. Is the market indifferent to the security incident, or is this a leverage-fueled short-squeeze furnace? Post counterexamples in the comments.
$INIT: up about 82.7% in a day and 77.8% in a week; current price around 0.2517. Weekly high around 0.2707, down about 7.0% from there. The account long/short ratio is around 0.49 (about 33% long, with shorts in the majority; roughly a day ago it was around 0.95/49% long—the longs are backing out). Funding is deeply inverted at about −0.76%/8h, meaning shorts are collecting a hefty subsidy. Coin-margined OI is up about 95% (USDT-margined OI about 240%). Price is soaring, shorts still dominate and are backing out, collecting an absurd subsidy, while money piles in fast—don’t take 0.2517 as proof that confidence is back in despite the chain outage, and definitely don’t assume the short squeeze is over.
Meanwhile, $ICP is almost flat for the day (about −0.5%) and down about 8.2% for the week, with a current price around 2.383. Its weekly high was around 2.67, a pullback of about 10.7%. Longs make up around 69% (long/short ratio about 2.25; around 2.22 a day ago, barely changed). Funding is inverted at about −0.011%/8h, so longs are collecting a small subsidy. OI is down about 3.9%. Price hasn’t followed through; longs are crowded and collecting a slim subsidy, while money is leaving.
One coin soars amid an incident, with shorts paying absurd rent and money piling in at twice the rate; meanwhile, an old L1 is almost flat, crowded longs collect a slim subsidy, and money has already left. Is the market indifferent to the security incident, or is this a leverage-fueled short-squeeze furnace? Post counterexamples in the comments.
