$ONE climbed steadily from 0.00142 at noon to 0.00175 this afternoon, gaining over 20% in four hours. It’s now hovering around 0.00166, and it’s still among the top 10 trending topics on the Square.
But I’m more focused on the futures market: the funding rate for Binance ONE perpetuals has been negative for 12 consecutive periods. From 8 p.m. on 11/10 until now, shorts have paid longs every four hours, adding up to around 1.67%. The 4 p.m. rate was −0.18%, and the estimate for 8 p.m. is even lower, at around −0.26%.
The price is rising, yet shorts are still willing to keep paying. That suggests quite a few people are shorting against the trend. Open interest hasn’t fallen either: from noon to 4 p.m., it edged up from 3.9 billion tokens to nearly 4 billion, while the proportion of accounts going long rose from 54% to over 56%.
When shorts get squeezed in a market like this, the price can shoot up quickly. But after surging to 0.00248 on 11/7, it also got hammered all the way back down. I’m not chasing this move or joining the shorts. I’ll first watch to see if the price can hold around 0.0016. If I do take a position, I’ll keep it small and set a stop-loss in advance.
#ONE #FundingRate #Futures #ShortSqueeze
For more resources, see the BIO on my profile.
Not investment advice. Investing involves risk.
But I’m more focused on the futures market: the funding rate for Binance ONE perpetuals has been negative for 12 consecutive periods. From 8 p.m. on 11/10 until now, shorts have paid longs every four hours, adding up to around 1.67%. The 4 p.m. rate was −0.18%, and the estimate for 8 p.m. is even lower, at around −0.26%.
The price is rising, yet shorts are still willing to keep paying. That suggests quite a few people are shorting against the trend. Open interest hasn’t fallen either: from noon to 4 p.m., it edged up from 3.9 billion tokens to nearly 4 billion, while the proportion of accounts going long rose from 54% to over 56%.
When shorts get squeezed in a market like this, the price can shoot up quickly. But after surging to 0.00248 on 11/7, it also got hammered all the way back down. I’m not chasing this move or joining the shorts. I’ll first watch to see if the price can hold around 0.0016. If I do take a position, I’ll keep it small and set a stop-loss in advance.
#ONE #FundingRate #Futures #ShortSqueeze
For more resources, see the BIO on my profile.
Not investment advice. Investing involves risk.