Yesterday I wrote that RLC shorts were paying the maximum funding to stay in. 24 hours later they're still there, and there are more of them.
$RLC was at 0.56 when I posted. It's at 0.90 now, after a high of 0.97.
>The 2% funding was charged at 16:00 UTC. Right after that, Binance moved RLC to hourly funding, so shorts now pay every hour instead of every 8. A short held since my post has paid about 2.8% in funding.
>The 5% futures discount is gone. Futures caught up with spot; spot didn't cool off.
>The crowd got more short, not less. L/S went from 1.01 to 0.63, so about 6 in 10 accounts are short, and open interest grew from $10M to $26M.
If open interest starts falling while price holds, shorts are finally closing, and that buying can push it further. If open interest falls together with price, longs are taking profit and the shorts' patience paid off.
$RLC was at 0.56 when I posted. It's at 0.90 now, after a high of 0.97.
>The 2% funding was charged at 16:00 UTC. Right after that, Binance moved RLC to hourly funding, so shorts now pay every hour instead of every 8. A short held since my post has paid about 2.8% in funding.
>The 5% futures discount is gone. Futures caught up with spot; spot didn't cool off.
>The crowd got more short, not less. L/S went from 1.01 to 0.63, so about 6 in 10 accounts are short, and open interest grew from $10M to $26M.
If open interest starts falling while price holds, shorts are finally closing, and that buying can push it further. If open interest falls together with price, longs are taking profit and the shorts' patience paid off.
