ETH funding flipped negative today, shorts are now getting paid to hold. You'd read that as bearish conviction building. But longs still ate 92% of the $449M liquidated in the last 24 hours, via CoinGlass.
That mismatch matters: open interest fell 6.7% while price fell 4.4%. Positions are closing, not flipping. This is deleveraging, not fresh short-side conviction. On top of that, ETH/BTC just hit its lowest level since July, so the relative underperformance is showing up in the ratio, not just the funding print.
Does a negative funding rate mean anything if OI keeps shrinking alongside it, or is it just noise until positioning actually rebuilds?
#Ethereum #Bitcoin #TradingSignals #TokenBot $ETH $TBOT
tokenbot.com
That mismatch matters: open interest fell 6.7% while price fell 4.4%. Positions are closing, not flipping. This is deleveraging, not fresh short-side conviction. On top of that, ETH/BTC just hit its lowest level since July, so the relative underperformance is showing up in the ratio, not just the funding print.
Does a negative funding rate mean anything if OI keeps shrinking alongside it, or is it just noise until positioning actually rebuilds?
#Ethereum #Bitcoin #TradingSignals #TokenBot $ETH $TBOT
tokenbot.com
