An evening look through the DEX ledger: down nearly 9% in a day, and some are calling it a flush-out. The ledger says otherwise: longs rose from about 70% to around 74%, collecting a small subsidy as funding flipped negative, while coin-margined positions kept building.
$UNI: down about 8.7% in a day and 16.3% in a week; current price around 6.42. Weekly high: about 7.819, with a pullback of roughly 17.9%. Account long/short ratio: about 2.88 (around 74% long; about a day ago it was 2.28/70%—longs are adding). Funding is inverted at about −0.0019%/8h, paying a small subsidy. Coin-margined OI is up about 5.3% over the past day (USDT-margined OI is down about 4.2%). Price is getting hammered near the weekly low, longs are adding, collecting a small subsidy, and coin-margined positions are building—at 6.42, don’t treat a nearly 9% one-day drop as proof of a flush-out, let alone assume DEX has already climbed out of its weekly trough.
In the same market, $CRV is down about 4.2% in a day and 11.4% in a week; current price around 0.246. Weekly high: about 0.2819, with a pullback of roughly 12.7%. Longs are about 42% (long/short ratio around 0.72, with shorts in control; about a day ago it was 0.69/41%, barely changed). Funding is about +0.0035%/8h, so longs are paying rent. OI is down about 6.8%. Price is also near its weekly low; shorts are in control, traders are still paying rent, and capital is pulling out more clearly.
One asset is getting hit harder, yet longs are still adding, collecting subsidies, and building coin-margined positions; the other DeFi asset in the same market has shorts in control and money flowing out. Is this a flush-out, or did price fall first while the longs haven’t cleared out yet? Post counterexamples in the comments.
$UNI: down about 8.7% in a day and 16.3% in a week; current price around 6.42. Weekly high: about 7.819, with a pullback of roughly 17.9%. Account long/short ratio: about 2.88 (around 74% long; about a day ago it was 2.28/70%—longs are adding). Funding is inverted at about −0.0019%/8h, paying a small subsidy. Coin-margined OI is up about 5.3% over the past day (USDT-margined OI is down about 4.2%). Price is getting hammered near the weekly low, longs are adding, collecting a small subsidy, and coin-margined positions are building—at 6.42, don’t treat a nearly 9% one-day drop as proof of a flush-out, let alone assume DEX has already climbed out of its weekly trough.
In the same market, $CRV is down about 4.2% in a day and 11.4% in a week; current price around 0.246. Weekly high: about 0.2819, with a pullback of roughly 12.7%. Longs are about 42% (long/short ratio around 0.72, with shorts in control; about a day ago it was 0.69/41%, barely changed). Funding is about +0.0035%/8h, so longs are paying rent. OI is down about 6.8%. Price is also near its weekly low; shorts are in control, traders are still paying rent, and capital is pulling out more clearly.
One asset is getting hit harder, yet longs are still adding, collecting subsidies, and building coin-margined positions; the other DeFi asset in the same market has shorts in control and money flowing out. Is this a flush-out, or did price fall first while the longs haven’t cleared out yet? Post counterexamples in the comments.
