Crossing midnight to check the books—the square is still pushing U.S. stocks near record highs on trending lists, while Ethereum only clawed back about two and a half points from its weekly hole during the day. The ledger doesn’t look caught up: chairs are still crowded at around 77%, still paying rent, and money is flowing out.
$ETH: about +2.5% on the day / about −7.8% on the week, currently around 2075. Weekly high around 2286, giving back about −9.2%. Account long/short ratio around 3.26 (about 77% long; around 3.82/79% about a day ago—the chairs are clearing out), funding rate around +0.0048%/8h, still paying rent; coin-margined OI down about −3.5% over the past day (USDT-margined barely moved). Price bounced from the intraday low around 2007, is still in the weekly hole, chairs are still crowded though a few have just left, it’s still paying rent, and money is flowing out—don’t take 2075 and a two-and-a-half-point bounce to mean it has caught up with U.S. stocks, let alone that the weekly hole is behind us.
In the same session, $BTC was up about +1.1% on the day and down about −2.6% on the week, currently around 74017. Weekly high around 76980, giving back about −3.8%. Chairs around 75% long (long/short ratio around 2.95; around 3.15/76% about a day ago—the chairs are clearing out), funding rate around +0.0046%/8h, still paying rent; OI down about −1.4%. The hole is shallower, but the chairs are similarly crowded and clearing out, and money is also edging out.
On one side, trending lists are pinned on U.S. stocks near record highs, while ETH is still in the weekly hole, with crowded chairs and money flowing out; on the other, Bitcoin’s hole is shallower, and its chairs are clearing out too. Is risk appetite back, or is this just a rebound within the weekly hole? Drop a counterexample in the comments.
#SP500EndsJustBelowRecord
$ETH: about +2.5% on the day / about −7.8% on the week, currently around 2075. Weekly high around 2286, giving back about −9.2%. Account long/short ratio around 3.26 (about 77% long; around 3.82/79% about a day ago—the chairs are clearing out), funding rate around +0.0048%/8h, still paying rent; coin-margined OI down about −3.5% over the past day (USDT-margined barely moved). Price bounced from the intraday low around 2007, is still in the weekly hole, chairs are still crowded though a few have just left, it’s still paying rent, and money is flowing out—don’t take 2075 and a two-and-a-half-point bounce to mean it has caught up with U.S. stocks, let alone that the weekly hole is behind us.
In the same session, $BTC was up about +1.1% on the day and down about −2.6% on the week, currently around 74017. Weekly high around 76980, giving back about −3.8%. Chairs around 75% long (long/short ratio around 2.95; around 3.15/76% about a day ago—the chairs are clearing out), funding rate around +0.0046%/8h, still paying rent; OI down about −1.4%. The hole is shallower, but the chairs are similarly crowded and clearing out, and money is also edging out.
On one side, trending lists are pinned on U.S. stocks near record highs, while ETH is still in the weekly hole, with crowded chairs and money flowing out; on the other, Bitcoin’s hole is shallower, and its chairs are clearing out too. Is risk appetite back, or is this just a rebound within the weekly hole? Drop a counterexample in the comments.
#SP500EndsJustBelowRecord
