$BTW funding rate: -0.537%/4h, -1175% annualized. It hasn’t turned positive in any of the last 8 periods, so shorts have been paying longs the whole time
· Open interest: $16.57 million, up just 0.4% over 24h
· Open interest/market cap: 1.2%; derivatives haven’t overtaken spot yet
· Long/short account ratio: 0.91, so there are also more shorts by account count
Bitway focuses on yield, payments, and on-chain financing. BTW is its governance and utility token. You could think of it as bundling wealth management, payments, and lending into a single account system. It first launched on Binance Alpha on March 2 this year.
With the account ratio below 1 and funding this negative, there are more short sellers, and their positions are sizable too. This isn’t whales unilaterally pressing down on retail. Open interest hasn’t changed much, suggesting existing shorts are holding firm, with no fresh capital coming in to add to their positions.
It’s down 61.7% in a month. Those shorting with the trend are sitting pretty, but the derivatives market is too small to move the price. A short squeeze would first need spot buying to back it up; otherwise, even deeply negative funding is just a cost for shorts to maintain their positions. Another possibility is that shorts are hedging spot holdings—in that case, the directional signal from funding is much weaker.
No new catalysts have surfaced in recent days; price action is doing most of the work. Only 15.1% of the supply is circulating, and FDV is 6.6 times the market cap. Tokens are being unlocked gradually, so even if a rebound comes, it’s worth considering how much supply is waiting overhead.
#BTW #资金费率 #wildcoin
· Open interest: $16.57 million, up just 0.4% over 24h
· Open interest/market cap: 1.2%; derivatives haven’t overtaken spot yet
· Long/short account ratio: 0.91, so there are also more shorts by account count
Bitway focuses on yield, payments, and on-chain financing. BTW is its governance and utility token. You could think of it as bundling wealth management, payments, and lending into a single account system. It first launched on Binance Alpha on March 2 this year.
With the account ratio below 1 and funding this negative, there are more short sellers, and their positions are sizable too. This isn’t whales unilaterally pressing down on retail. Open interest hasn’t changed much, suggesting existing shorts are holding firm, with no fresh capital coming in to add to their positions.
It’s down 61.7% in a month. Those shorting with the trend are sitting pretty, but the derivatives market is too small to move the price. A short squeeze would first need spot buying to back it up; otherwise, even deeply negative funding is just a cost for shorts to maintain their positions. Another possibility is that shorts are hedging spot holdings—in that case, the directional signal from funding is much weaker.
No new catalysts have surfaced in recent days; price action is doing most of the work. Only 15.1% of the supply is circulating, and FDV is 6.6 times the market cap. Tokens are being unlocked gradually, so even if a rebound comes, it’s worth considering how much supply is waiting overhead.
#BTW #资金费率 #wildcoin
