$PLAY rose 80% in two days, but the rate paid by longs is now only a quarter of yesterday noon's.
Yesterday morning's low was 0.00609. At 7 a.m. today, a single wick reached 0.01121; it's now around 0.0081, down 28% from the high.
▪️ 4h funding rate: mostly 0.06%–0.18% last week; 0.087% yesterday noon, 0.020% today noon
▪️ Coins held: 400 million last night → 527 million this morning, 500 million at noon
▪️ Long account ratio: 79.6% in the early hours → 65.4% at 9 a.m., 70.5% at noon
My take: New positions are coming in, but the number of people going long and their willingness to pay are both declining. It looks more like a few large positions are pushing the price up. I couldn't find any news behind it.
A. Holdings stay above 500 million, then another attempt at 0.011
B. That wick was the top; back below 0.007
#PLAY #AltcoinWatch
Yesterday morning's low was 0.00609. At 7 a.m. today, a single wick reached 0.01121; it's now around 0.0081, down 28% from the high.
▪️ 4h funding rate: mostly 0.06%–0.18% last week; 0.087% yesterday noon, 0.020% today noon
▪️ Coins held: 400 million last night → 527 million this morning, 500 million at noon
▪️ Long account ratio: 79.6% in the early hours → 65.4% at 9 a.m., 70.5% at noon
My take: New positions are coming in, but the number of people going long and their willingness to pay are both declining. It looks more like a few large positions are pushing the price up. I couldn't find any news behind it.
A. Holdings stay above 500 million, then another attempt at 0.011
B. That wick was the top; back below 0.007
#PLAY #AltcoinWatch