It plunged from 0.303 to 0.183, then bounced back to 0.221 at seven o’clock. I see this early-morning rebound on $INIT as distribution, not as a bottom forming.
It reached a high of 0.30298 at 2:30 a.m. The 4 a.m. hourly candle fell from 0.2782 to close at 0.2179, with a low of 0.2070. Volume for that hour was 111 million U, down 21.7%. Over the same period, open interest fell from 77.19 million contracts to 70.26 million, and its value dropped from 21.48 million U to 15.34 million U. The short squeeze had run its course; positions were being wiped out, not pushed down by shorts adding to their positions.
The 7 a.m. candle climbed from 0.1965 to 0.2176, reaching a high of 0.2213—a gain of 10.7%—on 36.36 million U in volume. But open interest barely increased, hovering around 69.14–69.31 million from 7:00 to 7:45. The 8 a.m. 15-minute candle has already plunged from 0.2175 to 0.203, with a low of 0.2006, volume of 10.1 million U, and an aggressive buy ratio of 0.47.
Funding rates hit -2.0% at 00:00, 05:00, and 06:00 in a row. No new positions followed this early-morning rally, while the share of long accounts rose from 40% at 4 a.m. to 50% at 8 a.m. Resistance is at 0.217–0.221. I’ll exit if it gets above 0.2213; if it breaks below 0.1832, I’ll stay bearish.
Are you treating 0.183 as the bottom, or—like me—waiting for this rebound to roll over?
$INIT #INIT #合约数据 #ShortSqueeze
It reached a high of 0.30298 at 2:30 a.m. The 4 a.m. hourly candle fell from 0.2782 to close at 0.2179, with a low of 0.2070. Volume for that hour was 111 million U, down 21.7%. Over the same period, open interest fell from 77.19 million contracts to 70.26 million, and its value dropped from 21.48 million U to 15.34 million U. The short squeeze had run its course; positions were being wiped out, not pushed down by shorts adding to their positions.
The 7 a.m. candle climbed from 0.1965 to 0.2176, reaching a high of 0.2213—a gain of 10.7%—on 36.36 million U in volume. But open interest barely increased, hovering around 69.14–69.31 million from 7:00 to 7:45. The 8 a.m. 15-minute candle has already plunged from 0.2175 to 0.203, with a low of 0.2006, volume of 10.1 million U, and an aggressive buy ratio of 0.47.
Funding rates hit -2.0% at 00:00, 05:00, and 06:00 in a row. No new positions followed this early-morning rally, while the share of long accounts rose from 40% at 4 a.m. to 50% at 8 a.m. Resistance is at 0.217–0.221. I’ll exit if it gets above 0.2213; if it breaks below 0.1832, I’ll stay bearish.
Are you treating 0.183 as the bottom, or—like me—waiting for this rebound to roll over?
$INIT #INIT #合约数据 #ShortSqueeze
