An early-morning scan of the oracle order book: the broker has just added the token to its platform, but the price is still weakening in its weekly trough. The book doesn’t look like it’s recovering: longs are stuck at around 72%, collecting subsidies under inverted funding, while money is flowing out.
$LINK : down about 2.6% on the day and 10.7% on the week, currently around 10.36. The weekly high was about 11.79, a pullback of roughly 12.2%. The account long/short ratio is about 2.58 (around 72% long; about 2.46/71% roughly a day ago, so longs have edged up a little). Funding is inverted at around −0.0030%/8h, paying a small subsidy, and OI is down about 2.9% over the past day. Price is in its weekly trough, longs are crowded and have edged up slightly, funding is inverted and paying a subsidy, and money is flowing out—don’t take 10.36 or the broker listing it as proof of a recovery, let alone proof that the oracle has climbed out of its weekly trough.
At the same time, $PYTH is almost flat on the day (about +0.3%) and down around 2.4% for the week, currently around 0.0651. Its weekly high was about 0.0682, a pullback of roughly 4.5%. Longs are around 49% (long/short ratio about 0.98, with shorts slightly ahead; about 1.00 roughly a day ago, almost unchanged). Funding is inverted at around −0.0051%/8h, paying a subsidy, and OI is up about 1.1%. A much shallower trough, shorts slightly ahead, and money edging in.
One token has just been listed on the platform, with crowded longs collecting subsidies as money runs; the other oracle in the same venue is almost flat, with uncrowded positioning and a shallow trough. Is institutional access opening up, or has the order book simply failed to absorb it? Drop counterexamples in the comments.
$LINK : down about 2.6% on the day and 10.7% on the week, currently around 10.36. The weekly high was about 11.79, a pullback of roughly 12.2%. The account long/short ratio is about 2.58 (around 72% long; about 2.46/71% roughly a day ago, so longs have edged up a little). Funding is inverted at around −0.0030%/8h, paying a small subsidy, and OI is down about 2.9% over the past day. Price is in its weekly trough, longs are crowded and have edged up slightly, funding is inverted and paying a subsidy, and money is flowing out—don’t take 10.36 or the broker listing it as proof of a recovery, let alone proof that the oracle has climbed out of its weekly trough.
At the same time, $PYTH is almost flat on the day (about +0.3%) and down around 2.4% for the week, currently around 0.0651. Its weekly high was about 0.0682, a pullback of roughly 4.5%. Longs are around 49% (long/short ratio about 0.98, with shorts slightly ahead; about 1.00 roughly a day ago, almost unchanged). Funding is inverted at around −0.0051%/8h, paying a subsidy, and OI is up about 1.1%. A much shallower trough, shorts slightly ahead, and money edging in.
One token has just been listed on the platform, with crowded longs collecting subsidies as money runs; the other oracle in the same venue is almost flat, with uncrowded positioning and a shallow trough. Is institutional access opening up, or has the order book simply failed to absorb it? Drop counterexamples in the comments.
