$ETH 1761. Two days ago it was still at 1933; today the low was 1710. Yet the number of contract positions actually increased slightly.
The truly counterintuitive part is this: notional open interest fell 7.66%, while the number of contracts rose 1.64%.
The price fell 8.55%, so the entire paper loss came from the price tag. Not a single contract was closed.
That’s what it looks like when positions haven’t been flushed out. In a real flush, the number of contracts would drop sharply as liquidations collide and wash out a layer of leverage. But right now, all these positions are still holding their ground, waiting for someone else to bail them out.
Funding rates told the same story. At midnight on the 15th, it was 0.0001%; by 8 a.m., it was -0.0054%. It turned negative overnight.
$BTC plunged to 62000 today. The whole market moved in one direction, yet nobody on the futures side left.
Holding above 1809 would count as recovering tonight’s low. Below 1710, there’s no lower reference point in the past 120 daily candles.
Watch the number of contracts. If it doesn’t fall, any rebound is just trapped positions selling to break even.
Are you still holding your ETH long?
Source: https://fapi.binance.com/futures/data/openInterestHist?symbol=ETHUSDT&period=4h
The truly counterintuitive part is this: notional open interest fell 7.66%, while the number of contracts rose 1.64%.
The price fell 8.55%, so the entire paper loss came from the price tag. Not a single contract was closed.
That’s what it looks like when positions haven’t been flushed out. In a real flush, the number of contracts would drop sharply as liquidations collide and wash out a layer of leverage. But right now, all these positions are still holding their ground, waiting for someone else to bail them out.
Funding rates told the same story. At midnight on the 15th, it was 0.0001%; by 8 a.m., it was -0.0054%. It turned negative overnight.
$BTC plunged to 62000 today. The whole market moved in one direction, yet nobody on the futures side left.
Holding above 1809 would count as recovering tonight’s low. Below 1710, there’s no lower reference point in the past 120 daily candles.
Watch the number of contracts. If it doesn’t fall, any rebound is just trapped positions selling to break even.
Are you still holding your ETH long?
Source: https://fapi.binance.com/futures/data/openInterestHist?symbol=ETHUSDT&period=4h
