$H Down more than 20%, yet open interest rose to about 208 million contracts. The afternoon rebound was completely wiped out, so it’s best not to buy the dip yet.
At 22:00 last night, it was still around 0.0309, then continued to step lower, hitting a daily low of 0.02434 at 12:00. At 14:00, roughly 2.51 million U pushed it up to 0.02826 in an hour—the most convincing rebound today. But at 15:00, about 1.07 million U wiped out the entire move in a single candle, taking it back to 0.0252. It’s now around 0.0254. The 24-hour change is about -22.5%, with roughly 23.6 million U in volume.
Open interest was about 192 million contracts at 22:00 last night and is now around 208 million, an increase of about 8% as the price fell. During the 14:00 rebound, it had dropped to about 204 million, then rose back to around 208 million as the price pulled back at 15:00. It looks like some traders used the rebound to reduce positions and then added them back on the pullback. About 65% of accounts are long, and large traders’ positions are about 67% long; bullish traders haven’t left. The funding rate has stayed at the baseline of +0.005% per four-hour period, so shorts haven’t paid much, and even a drop this steep hasn’t forced long holders into panic liquidations.
A bottoming signal would be a high-volume recovery above 0.02826, along with open interest starting to fall. A high-volume break below 0.02434 while open interest continues to rise would mean buying support has failed, and longs could be forced to cut positions. With bullish positions still elevated, where exactly is the bottom?
#H跌中持仓还在加 #The entire rebound was wiped out
At 22:00 last night, it was still around 0.0309, then continued to step lower, hitting a daily low of 0.02434 at 12:00. At 14:00, roughly 2.51 million U pushed it up to 0.02826 in an hour—the most convincing rebound today. But at 15:00, about 1.07 million U wiped out the entire move in a single candle, taking it back to 0.0252. It’s now around 0.0254. The 24-hour change is about -22.5%, with roughly 23.6 million U in volume.
Open interest was about 192 million contracts at 22:00 last night and is now around 208 million, an increase of about 8% as the price fell. During the 14:00 rebound, it had dropped to about 204 million, then rose back to around 208 million as the price pulled back at 15:00. It looks like some traders used the rebound to reduce positions and then added them back on the pullback. About 65% of accounts are long, and large traders’ positions are about 67% long; bullish traders haven’t left. The funding rate has stayed at the baseline of +0.005% per four-hour period, so shorts haven’t paid much, and even a drop this steep hasn’t forced long holders into panic liquidations.
A bottoming signal would be a high-volume recovery above 0.02826, along with open interest starting to fall. A high-volume break below 0.02434 while open interest continues to rise would mean buying support has failed, and longs could be forced to cut positions. With bullish positions still elevated, where exactly is the bottom?
#H跌中持仓还在加 #The entire rebound was wiped out
