A morning look through the exchange-token ledger: others took a deeper hit, while it barely softened. The ledger doesn’t look like a safe haven: more chairs are being added, rent is still being paid, but money is heading for the exits.
$BNB: down about 1.6% in a day / 5.1% in a week, currently around 680.4. Weekly high around 723.3, giving back about 6.0%. Account long/short ratio around 2.91 (about 74% long; around a day ago it was about 2.45 / 71% long, so chairs are being added). Funding rate around +0.0054%/8h—paying rent—and OI down about 1.2% over the past day. Price is relatively resilient, chairs are being added, rent is still being paid, and money is leaving—don’t mistake 680.4’s relative resilience for a safe haven, let alone assume the exchange token has left the danger zone.
Meanwhile, $ETH is down about 3.8% in a day and 15.5% in a week, currently around 2052. Weekly high around 2451, giving back about 16.3%. Chairs at about 79% (long/short ratio around 3.68; around a day ago it was about 3.44 / 78% long, so chairs have edged up). Funding rate inverted at around −0.0036%/8h, earning a small subsidy, and OI is up about 1.3%. Price has crashed into the weekly trough; chairs are more crowded and have edged up, traders are earning a small subsidy, and money is still edging in.
On one side, relative resilience, more chairs, rent still being paid, but money leaving. On the other, a fellow layer-1 has crashed into the weekly trough, chairs are stuck at about 79%, and money hasn’t run. Is this a safe haven, or has the ledger simply not fallen apart yet? Post a counterexample in the comments.
$BNB: down about 1.6% in a day / 5.1% in a week, currently around 680.4. Weekly high around 723.3, giving back about 6.0%. Account long/short ratio around 2.91 (about 74% long; around a day ago it was about 2.45 / 71% long, so chairs are being added). Funding rate around +0.0054%/8h—paying rent—and OI down about 1.2% over the past day. Price is relatively resilient, chairs are being added, rent is still being paid, and money is leaving—don’t mistake 680.4’s relative resilience for a safe haven, let alone assume the exchange token has left the danger zone.
Meanwhile, $ETH is down about 3.8% in a day and 15.5% in a week, currently around 2052. Weekly high around 2451, giving back about 16.3%. Chairs at about 79% (long/short ratio around 3.68; around a day ago it was about 3.44 / 78% long, so chairs have edged up). Funding rate inverted at around −0.0036%/8h, earning a small subsidy, and OI is up about 1.3%. Price has crashed into the weekly trough; chairs are more crowded and have edged up, traders are earning a small subsidy, and money is still edging in.
On one side, relative resilience, more chairs, rent still being paid, but money leaving. On the other, a fellow layer-1 has crashed into the weekly trough, chairs are stuck at about 79%, and money hasn’t run. Is this a safe haven, or has the ledger simply not fallen apart yet? Post a counterexample in the comments.
