Tuba的加密笔记

$MRVL single-day rise 9.58%, price 254.4 USD. Perpetual contract funding is 0, open interest is 112724.70. Pushing the price upward means there’s no one at the contract side paying to hold positions.

My view is that this rally is driven more by spot demand running ahead—leverage capital hasn’t really participated. Funding being 0 indicates that both longs and shorts are unwilling to pay in advance; they’re all waiting for the earnings report on August 27. A single source shows the options market pricing a 14% move after the earnings, with expected revenue of 2.71B. Another source’s target price is 250.27; the current price is already above the target, but perpetual funding money isn’t chasing. I wouldn’t treat this structure as a confirmed trend.

The strongest counter-argument is that free cash flow growth turns negative—this comes from a Yahoo summary. If the earnings report confirms it, the spot buying could directly flip and reverse. Another bearish signal is in the CNN summary: Goldman Sachs’ target price of 180, far below the current price, suggesting the sell-side isn’t unified internally.

I’m waiting. If you’re aggressive and want to chase, you need to first see funding turn positive and OI rise in sync—otherwise the more violently it rises, the more I won’t take the trade. For a more conservative approach, wait until after the earnings report when OI and funding move in the same direction.

Trading tag: #TradFi #链上美股 #MRVL

Where do you think this line of judgment is most likely to be wrong?

$MSTR 24 hours, up 8.761% to 117.07; the funding rate is 0.00024643. Slightly positive but the scale is low, suggesting that long positions in the contract are not crowded. Trump’s tariff wall has pushed volatility in risk assets; Yahoo’s single-source report links the CLARITY Act and MSTR, and the stock market side is essentially pricing in a bet on a policy premium. My view is that the rally is driven by spot sentiment, and leveraged capital hasn’t moved in yet—so the cost of chasing longs isn’t that high. The counterargument is that the tariff narrative can backfire at any time, and the pressure on small and mid-sized businesses could spill over.

Trading tag: #TradFi #链上美股 #MSTR

Where do you think this assessment is most likely to be wrong?

$COIN Now 176.98, up 6.788% in 24 hours. FundingRate is 0, and openInterest is 77140.85.

My take: This round of upside didn’t come with a leverage premium; the main driver is macro interest-rate expectations.

Schwab’s August 19 intraday recap mentioned yields falling back, with stocks slightly higher, as the Treasury said it would increase its long-term bond purchase size, pending the Fed minutes. Reuters’ August 17 headline was the opposite—dollar down, yields up. The two sources point in different directions. A single macro signal isn’t that clean, but the price action provides harder evidence. COIN is up 6.788%, the financing fee rate is still hanging at 0, and there’s no sign of long positions paying positive funding costs. Price is moving higher while derivatives aren’t crowded; this looks more like positioning capital buying rather than speculative contract chasing. OI 77140.85 is just the current number of open positions—I don’t see whether it’s increasing or decreasing—so I don’t draw conclusions about being light/heavy on positioning.

The strongest counter-evidence is that Reuters piece. If rates start rising again, the crypto-sensitive high-beta stocks with the most beta exposure are the first to get dumped. Also, Investrade’s intraday note of COIN +6% is just a single source; you can’t attribute all the move solely to macro. Another possibility is that this rally is simply a broad rebound across the crypto market, with nothing to do with the long-bond purchase expectation.

The second-order effect hinges on the minutes landing. If the Fed minutes are more dovish, together with the Treasury buying long-term bonds keeping yields falling, the macro trading crowd may rotate into longer duration, higher-beta instruments, and COIN-type names would likely benefit. If the minutes are more hawkish, then with zero-rate longs paying no extra cost right now, people who chase longs next will start paying financing costs immediately, and the top risk shows up.

Actions: I see three scenarios:

Aggressive: hold long at the current price, no leverage added. If funding turns positive and price is still above 176.98, I’ll cut half.

Conservative: wait for the minutes to play out; if price holds 176.98 and funding is not positive, then go back in.

Avoid: don’t touch it; the macro rate signals are still conflicting.

My counter-consensus view: the market may be treating the 6.788% as a crypto-market move—I’m actually betting on the long-term bond purchase expectation compressing yields.

Trading tag: #TradFi #链上美股 #COIN

Where do you think this thesis is most likely to be wrong?

$COIN The cleanest data point on today’s chart is that the funding rate is zero. Price is 176.98, the 24-hour gain is 6.788%, and trading volume is $79.44 million. Price is moving up, and on the derivatives side the long and short carrying costs are exactly equal, which means this rally was not bought purely by leveraged longs.

The trigger for this round of上涨 is very clear. On August 20, multiple financial sources mentioned the same thing: after the White House crypto meeting, the president called on Congress to advance the market clarity bill. The market interpreted this statement as an improvement in regulatory expectations, and crypto-related stocks rose in sync. $COIN closed at 160.20 on Robinhood’s source yesterday and briefly surged to 172 in premarket trading. CNN’s source shows it was up $11.38 from the previous close, a gain of 7.10%. The price center is indeed moving higher.

But this is where the core contradiction lies. Policy expectations pushed stocks higher, but the derivatives side did not follow. openInterest 77140.85 did not expand abnormally, and the funding rate stayed at zero, so neither side is eager to pay carrying costs. This is not a typical squeeze structure. When a move is truly sharp, the order book usually leaves an extreme funding rate behind: positive funding means longs are crowded, negative funding means shorts are being squeezed. Right now both costs are zero. Looking at it the other way, large institutional money does not appear to be betting on this policy-driven move in the derivatives market. This is a single-signal judgment: price and news are confirming each other, but the position structure has not provided a second confirmation.

The strongest counterargument is that rallies driven by this kind of news are most vulnerable to legislative stagnation. At present, it is only a call for Congress to move forward; the bill has not actually been enacted. If there is no substantive follow-through, sentiment could reverse faster than it rose. Another counterpoint is that for $COIN as a trading platform, even if the bill passes, it may not directly increase revenue; it could first increase compliance costs.

The second-order impact is also relevant. If policy expectations keep building, short sellers in equities may be forced to cover, and price can move up another level. If Congress does nothing, the stock longs that chased today will bear the cost first, and on the derivatives side, because funding is zero, no one will come to rescue them.

My action is very clear. 172.72 is the opening price given in CNN’s source, and it is also the premarket gap-up level. I treat this price as the sentiment dividing line. As long as it holds above 172.72, longs can stay in the trade. If it breaks below 172.72, that means the gap is starting to fill and the policy premium is disappearing, and I will exit the long.

Trade tag: #TradFi #链上美股 #COIN

Where do you think this entire thesis is most likely to be wrong?

$MSTR Today it rose 8%, price 112.56, funding 0.00002251 is positive. The longs are paying the cost; the rate isn’t extreme, but the direction is not ambiguous.

My take is that this move looks more like short-covering than a new trend. The CNN piece is very straightforward: the stock is near the bottom of the 52-week range and below the 200-day moving average. TradingView’s prior-quarter EPS was -24.45 USD, while the market expected -2.19—off by more than ten times. At this level, a single-day +8% looks more like a rebound from oversold conditions, not a turn in macro risk appetite.

On the macro side, I’m watching the company’s own cost of financing. The stockanalysis write-up says the Strategy is maintaining a U.S. dollar reserve to cover preferred stock dividends and interest on outstanding debt, and the debt-servicing cushion is still being increased—suggesting financing pressure hasn’t eased. In that situation, I can’t read a one-day +8% as a trend reversal.

The counterpoint: if volume keeps expanding and OI follows higher, then the short-covering thesis is wrong and genuinely new money is coming in.

Action: don’t chase. If it pulls back below 112.56, look for support/absorption, or wait until funding flips from positive to negative and shorts are crowded—then going long should feel more comfortable.

Trading tag: #TradFi #链上美股 #MSTR

Where do you think this view is most likely to be wrong?

$MVLL Current price: 30.07. In the past 24 hours, it’s up 15.432%. The funding rate is still at 0.00000000. This setup is worth discussing. The price was pulled up by a good stretch, but neither the long side nor the short side is paying any additional cost.

Politics and policy can explain part of it. A single source shows that in his second term, Trump would raise the U.S. average effective tariff rate from 2.5% to about 27%. Semiconductor hardware companies are the most sensitive to this kind of policy. Today’s move in $MVLL looks more like the market is repricing the product’s pricing power in response to tariff shock. Trading volume: $125 million. Open interest: 111,812.83 contracts. Volume isn’t small.

But the problem lies in the funding rate. It doesn’t cooperate with this kind of surge. If the longs truly believe that tariffs will benefit $MVLL , the funding rate should have turned positive already—people chasing longs should be paying. Now it’s zero, which means the longs aren’t “voting with their money,” and the shorts also haven’t been forced to pay. A 15% rally without leverage-driven positioning is, in essence, a spot-market sentiment pulse. Derivatives traders are still waiting.

The strongest counter-evidence I’ve written for myself: a funding-neutral rise like this, when tariff-related news cools off, will retrace very quickly—because there’s no “fuel” coming from shorts being forced to buy back. Price increases that no one needs to bear as a cost usually don’t get a second wave of capital follow-through.

Second-order effects point in two directions. If the funding rate turns positive next, longs will start paying shorts—then crowding will truly form. I’ll cut any newly added positions first. If the funding rate turns negative, it means shorts are gathering again; in that case, this policy-driven sentiment move is likely over. For now, I won’t chase longs. The portion I’m holding can be kept. The only add-on condition is that the funding rate remains at zero and the price can hold above. If it drops and open interest falls, I’ll exit as well.

Anti-consensus take: The market gave $MVLL a tariff-beneficiary-style rally, but it didn’t give it a price that longs are willing to pay for. This rally isn’t strong consensus—it’s simply that there’s no counterparty.

The aggressive approach is to follow the long at the current price, but place your exit signal at the moment the funding rate turns positive. The more cautious approach is to hold the existing position—no adding, no reducing—and wait for the funding rate, from zero, to provide a direction before acting. The avoidance approach is to just watch this round without touching it, and join only when the funding gets extreme or the price retraces.

Trading tag: #TradFi #链上美股 #MVLL

Where do you think this assessment is most likely to be wrong?

$AXTI Today’s single-day drop is 16.999%. The current price is 74.46. This kind of move is already big noise on U.S. stock futures/CFDs, but at the same time the funding rate is still sitting at a positive 0.00008132—close to zero, but not flipped negative. I’ll put these two signals together: the price has fallen nearly seventeen points, yet the funding rate remains above the zero line, and the shorts have not been adding positions during this sell-off. This looks like active liquidation, not a liquidation cascade.

On the news front, one item lines up: a single-source report from usbank says that tariffs are still the most unstable policy variable under the Trump administration, which would raise material costs and change supply-chain decision-making. The market’s reaction to this variable is essentially to sell stock contracts first. $AXTI is listed on Binance’s tradfi perp; that kind of pricing directly reflects tariff expectations. I can’t confirm which company is behind it, but the way it’s falling looks like an asset hit by tariffs.

My view is very clear: this is not an oversold setup you can just bottom-fish. It’s down 17%, but the funding hasn’t turned negative—there’s no squeeze fuel below. Down plus a very low positive funding rate means longs are trapped, but not yet in despair. The real structure for a rebound is a drop combined with negative funding, where shorts have built up positions—creating squeeze conditions. We don’t have that.

The strongest counterpoint is simply that a 17% single-day drop is itself oversold, and it could bounce at any time. An oversold rebound needs at least one of two conditions: funding flips negative, or policy-side relief appears. There’s no sign of policy relief in the input—only statements that tariffs remain an unstable variable—which doesn’t constitute a reversal signal. Oversold can keep getting more oversold.

For second-order effects, let me break it down. The longs trapped above 74 are still paying a small positive carry. Every extra day they hold adds more cost. If price continues to drift down, these longs will start to reduce holdings, and the second wave of selling pressure will come from them—not from brand-new shorts. OpenInterest is still 147593.64, which suggests the trapped positions haven’t largely drained out and are still sitting in the arena.

For shorts, after a 17% single-day drop, continuing to chase more short exposure worsens the odds. The comfortable shorting window is an overshoot back into the cost-area, not chasing during the middle of the decline.

Trading tag: #TradFi #链上美股 #AXTI

Where do you think this thesis is most likely to be wrong?

$NBIS 24 hours down 15.72%, current price 230.65. The funding rate is still positive—0.00032233—longs are paying to hold positions; no capitulation yet. The CNN title page mentions that the Vineland data center phase two has been approved, saying this removes a major risk. But after approval-level news like that comes out, the price keeps getting smashed downward—near-term sell pressure is heavier than people expected.

My view is that the long side hasn’t reached the point of despair. A drop with a positive funding rate is a structure that traps long positions and forces them to top up margin. Any rebound is the window for these people to reduce exposure. The current price has already broken below the low recorded on Aug 18 by Robinhood at 244.78. Below that, there’s no support that can be anchored to anything in the news—so we can only wait for sentiment to flush out.

The opposing argument would be: approval of the data center removes infrastructure uncertainty, and long-term capital might act as a “rear car to pick up people.” But the derivatives market doesn’t care about the long term, and that rebuttal doesn’t change the current structure.

Second-order impact: if the market keeps drifting lower and the funding rate remains positive, longs will be forced to cut positions, and shorts will get to eat. I’ll wait for two conditions before considering going long: the funding rate turns negative, or the price moves back above 244.78 and holds. Keep the short positions on—don’t chase—wait for a pullback toward around 244 to get pushed back down, then add.

Trading tag: #TradFi #链上美股 #NBIS

Where do you think this thesis is most likely to be wrong?

$AAOI Today it fell 10.49%, with the price at 131.04. A Schwab update mentions that oil prices and bond yields continue to trend higher; the market is starting to worry about further rate hikes, and chip stocks in general have been hit hard. This drop in AAOI is not related to any company announcement—it’s the macro interest-rate headwind.

My view is that this round of selling pressure is coming from the macro side, not a breakdown in fundamentals, but it still hasn’t fully flushed out. The key is the funding-rate structure. The fundingRate is still 0.00020216—positive. The price is falling while funding is positive, meaning longs are still paying. This suggests that during the selloff, longs didn’t exit at large scale; instead, they’re holding on and bearing the cost. People chasing short positions are profiting from the price decline, but the real “clean-out” move usually shows up when funding turns negative, or when OI (open interest) drops significantly. Current OI is 79372.82; I can’t say whether it’s light or heavy without converting to the same quote units, but at least the rate doesn’t yet show that shorts are extremely crowded.

On the news front, there’s actually a very clear long/short split. Yahoo and Simply Wall St are both talking about AI data-center demand and that Amazon collaboration—Q1 revenue up 51% year over year, and data-center revenue doubled. The target price from MarketBeat is 139.40. Those stories haven’t changed. What has changed is the macro environment: oil prices and bond yields rising at the same time directly increases discount-rate pressure on high-multiple growth stocks. Names like AAOI are hit first because their valuation is tied to long-dated cash flows; when rates rise, the present value of those future cash flows gets discounted.

The counterargument is also strong: if tomorrow oil and bond yields stop pushing higher and panic fades, AAOI’s narrative could come back online. Today’s 10.49% drop may just be the sector flushing out a bubble—there’s no fundamental news that falsifies the thesis. What would truly overturn my view is if fundingRate flips from positive to negative while the price stops making fresh lows. Only when that combination appears can we say longs that should cut have cut, shorts have gotten enough, and only then is there room for a more meaningful rebound.

Consider the second-order effects carefully. If macro-rate concerns keep heating up, stocks like these—high-valuation AI hardware names—could enter a “double hit” situation: price declines layered with higher funding costs. The more longs try to hold, the more expensive it becomes, and eventually they’ll be forced to cut positions, making the drawdown likely worse than today’s.

Trading tag: #TradFi #链上美股 #AAOI

Where do you think this thesis is most likely to be wrong?

AAOI is now 131.04, down 10.492% over the past 24 hours. Funding is still in positive territory at 0.00020216, with longs paying shorts. Open interest is 79372.82.

The macro signal I’m watching is the one from Schwab. After the 60-day ceasefire ended with no result, oil prices and bond yields kept moving higher. The market started to worry about rate hikes, and chip stocks were broadly sold off. This directly feeds into AAOI. It belongs to the AI infrastructure chain and is the most sensitive to yields—when financing costs rise, positions like this are cut first.

The other side has a point. A single line on Yahoo Finance shows AAOI supported by AI data-center demand and its partnership with Amazon. Simply Wall St also reported that Q1 revenue grew 51% year over year, and data-center revenue more than doubled. Fundamentals aren’t weak.

But my view is that the near-term macro pressure hasn’t played out yet. The stock is down 10.492% while funding is still positive, which suggests the longs haven’t surrendered—they’re still paying to hold their positions. In this kind of structure, if yields keep rising, there’s room for another round of deleveraging. Who pays the cost? The longs paying positive funding are paying time costs—every 8 hours they’re drained.

Trading tag: #TradFi #链上美股 #AAOI

Where do you think this thesis is most likely to be wrong?

Korean stocks’ intraday volatility is transmitted to the chain via 3x leveraged ETFs. $KORU fell 17.055% in a single day, quoted at 17.80, with a beta of 4.51. The last trade was at 19.81; currently it is 17.80, for a day’s price difference of 2.01. Funding is 0, OI is 4.07 million. Neither longs nor shorts added positions—this isn’t a squeeze; it’s because the underlying asset is dropping. 52-week forecast is 21.19. Elliott Wave calls for 33 to 45, but I think that’s too far.

Trading tag: #TradFi #链上美股 #KORU

Where do you think this set of judgments is most likely to be wrong?

$SNDK Perpetual futures are now at 1612.21, down 9.938% in 24 hours. Funding rate is zero, open interest is 277,137.31. The price is falling, but no one is paying the funding fee.

There are two things happening in the news at the same time. One from Yahoo Finance mentioned that SanDisk has just launched 2Tb QLC 3D flash memory targeting AI workloads, and the stock had previously risen. But the same piece also says rising bond yields and concerns about overvaluation led to a 6% drop, on top of broader market selling. Another from CNBC says JPMorgan upgraded this storage company from neutral to overweight, arguing that it’s already up sixfold in 2026 and there’s still room for AI-driven memory demand.

My view is that this pullback is driven by macro interest rates, and there’s no bad news on the product demand side. A P/E of 24.23 isn’t extremely expensive by itself, but for a stock that has already surged sixfold and is trading right near its 52-week high, it’s especially sensitive to bond yields. If rate expectations get pushed higher, the first thing to get cut is this kind of high-duration growth position.

The funding-rate-zero data can be broken down further. If shorts are heavily crowded, funding usually turns negative, meaning shorts pay longs. Now the price is down nearly 10%, yet funding is still zero, which suggests there’s no crowded short. The decline looks more like longs de-risking or taking profits. In this structure, any rebound won’t be very sharp, because no one is in a hurry to buy back.

The counterargument is also laid out. JPMorgan has just upgraded to overweight. Last quarter’s earnings per share were $39.25, 12.26% higher than the expected $34.96. New product: 2Tb QLC 3D.

Trading tag: #TradFi #链上美股 #SNDK

Where do you think this thesis is most likely to be wrong?

Single-source Seeking Alpha reports that South Korean profits hit record highs, but the price remains low: valuation is at 4.5x P/E, accompanied by margin calls selling out. This global news flows through to contract $KORU , causing a 24-hour rebound of 4.268%, with the current price at 23.21.

But $KORU fundingRate is 0.00000000, and openInterest is 3.635 million. Price is rising, yet no one is willing to pay for long positions. This suggests the rebound is more like an oversold repair, not a new trend with fresh capital entering. My view is that this does not constitute a trend launch.

Another single-source, Financhill, sets a one-year target of 21.19, about $2 below the current price—meaning the upside may already have been priced in. That’s where the bears have their most convincing argument.

The strongest counterevidence now is that margin-call selling often comes in batches, and after that liquidation, the price can still keep bouncing. If funding stays at 0 and the price moves higher again, short covering would push $KORU even more aggressively—but with zero funding fees, it also means someone could concede at any time.

I’m not chasing the price.

Trading tag: #TradFi #链上美股 #KORU

Where do you think this set of judgment is most likely to be wrong?

$SPCX 现价 141.86 美元，24 小时涨 1.684%，资金费率是 -0.00010411，空头在给多头付钱。这个组合不常见，价格小涨，空头在扛成本。宏观层面今天没有额外数据可引用，只能从合约结构看风险偏好。

核心判断：这是空头拥挤被缓慢挤压，不是宏观流动性推起来的全面行情，但方向对多头有利。

TradingView 单一来源显示上季度 EPS -0.09 美元，预期 -0.23，超预期 60.82%。MarketBeat 单一来源给 229 美元目标价，对照现价隐含约 61% 空间。这两条消息本身不够硬，但至少说明有资金愿意拿远期叙事当借口。

资金费率负值只有 -0.00010411，绝对值不大，空头每 8 小时付千分之 0.0104，短期不致命，但只要价格不跌，空头就在持续失血。价格涨 1.684% 又让他们没有退路，一旦开始回补，买盘会推价格，形成自我强化。这是负 funding 加价格上涨的典型 short squeeze 前段。

反方最强的一点：公司上季还是亏损，每股 -0.09 美元。超预期只是亏得比想象少，不是转盈利。如果 funding 之后转正，说明空头已经回补完或者新多头上杠杆追进来，那时候反而要小心。

二阶影响是谁被迫行动：空头在负 funding 下持仓，每过 8 小时成本增加，价格横住或上涨就逼他们止损买回。多头收 funding，扛仓耐心更好，流动性会偏向多头一侧。

失效条件：funding 由负转正，同时价格跌回 141.86 下方，这个 squeeze 逻辑就破。或者价格继续涨但 funding 快速转正，说明多头开始付钱拥挤，也要撤。

动作：激进的在 141.86 附近小仓试多，funding 转正且价格跌破 141.86 就离场。

交易标签：#TradFi #链上美股 #SPCX

你认为这套判断最可能错在哪？

$INTC current price 104.34, up 1.409% in the past 24 hours. Funding fee is zero. Trading volume is $9.11 million. The market isn’t crowded. In the news sources, CNBC highlighted the reasons the CEO gave to Jim Cramer, and Yahoo pointed out a 178% gain year-to-date along with Foundry’s $2.1B loss. My view is that the AI story is divisive, but not to the point of being crowded. The bearish argument will say that the 178% move has already priced everything in. CNN’s single-source data shows a 0.56% gain after hours—sentiment is slightly more bullish.

Trading tag: #TradFi #链上美股 #INTC

Where do you think this set of conclusions is most likely to be wrong?

$SNXX Today it rose 1.653%, with a price of 16.6 and trading volume of $50.11 million. This move isn’t that big compared with a 2x long SNDK ETF, but funding is 0 and OI is 1,697,945.04. No one is really paying either side—this structure is very clean, with no crowding.

My macro contradiction to watch is in that Schwab news item. Their research center raised the expected range for the 10-year U.S. Treasury yield to 4.25%–4.75%, citing that short-term rates are higher than previously thought, and that inflation stickiness and fiscal concerns have not gone away. One source can’t be treated as confirmed fact, but the direction is clear. If rate expectations move higher, it’s a headwind for holding 2x leveraged ETFs. Products like SNXX rebalance daily, so financing costs get directly eaten into NAV; the higher the yield, the more expensive it is to hold.

But the price is still rising today, which suggests there’s an independent stock-level logic—or that the market hasn’t priced in the rate-expectations variable yet. SNDK is a storage chip play, and semiconductors are sensitive to rates; yet funds haven’t pulled out. $50.11 million in volume isn’t cold—someone is taking orders at this level.

The strongest counterpoint is: if the 10-year yield really moves toward 4.75%, holders of 2x leveraged ETFs would get hit from two angles at the same time—NAV decay plus an underlying pullback. SNXX’s OI is 1.69 million; at this scale, when macro headwinds are clearly established, longs closing out would happen quickly. What data would overturn my view? If funding flips from 0 to positive and the price continues to rise, that would mean longs are starting to get crowded, and my clean-structure judgment would be wrong. If pct24h turns negative and OI drops quickly, it means capital is withdrawing and the macro headwind wins.

The second-order effect is that an upward revision in rate expectations forces leveraged ETF holders to re-run the math. Short-term traders might not care, but those holding overnight will start comparing financing costs versus expected upside. Liquidity could shift away from high-carry-cost leveraged products toward spot or unlevered exposures.

In terms of action: with funding at 0, chasing longs now has no funding-fee cost, but the macro headwind is building. An aggressive approach would be to see price hold above 16.6 while funding stays around 0, then try small-sized longs without holding overnight.

Trading tag: #TradFi #链上美股 #SNXX

Where do you think this set of conclusions is most likely to be wrong?

$KORU current price 22.28, up 3.005% over the past 24 hours. Funding rate 0.00051836, longs are paying. Open interest 3638623.23. This is a 3x leveraged ETF for South Korean stocks. Macroscopically, there’s a contradiction today: Edward Jones says the 10-year U.S. Treasury yield has fallen to 4.64%, implying risk appetite should recover, but BlackRock warns that rising earnings expectations and rising government bond yields can’t both be true at the same time. My take is that this rally is short covering, not new money entering—because although the fee is small but positive, positions are building up. Someone is adding leverage at high levels.

As for Seeking Alpha’s piece: it says the South Korean stock market trades at a P/E of 4.5x and an earnings yield of 22%, with the low point hammered out by forced liquidations. This is the strongest counter-evidence. If you buy that valuation, then long-term capital has patience, and any pullback in $KORU would be shallow—maybe no pullback at all. But with only one source, I’m not treating this as a bottom for now.

At the second-order level: if $KORU keeps rising, it will force more short covering—but with the funding rate positive, anyone chasing longs is paying daily costs. Only when the funding rate turns from positive to negative while the price hasn’t broken below 22.28 would it become the window for longs from a crowded short positioning. Chasing longs right now is paying to help someone else lift the sedan.

Trading tag: #TradFi #链上美股 #KORU

Where do you think this analysis is most likely to be wrong?

SOXL is up 2.795% over the past 24 hours, and is holding at $144.54. Trading volume is $108 million, funding rate is 0, and open interest is 563,858.65. On the global news front, there doesn’t seem to be any new catalyst—Stocktwits and Yahoo pages are updating, but they’re just market pages, not event-related.

My view is that this run-up didn’t have leverage money backing it. A funding rate of 0 means neither long nor short pays, so nobody is rushing to pick a direction. Price is up, but funding is zero—most likely spot sentiment is pulling it along, while the futures side is still watching.

The strongest counter-evidence is: if there’s semiconductor-related news released during trading hours, spot tends to move first, and then the funding rate could quickly flip positive—at that point, if you don’t jump in, you’d miss it. But I haven’t seen any verifiable news headline. Also, a single source showing Stocktwits has tens of millions of users watching isn’t enough to base buy/sell decisions on.

Second-order impact: with the funding rate at zero, shorts getting squeezed won’t hurt much, because there’s no carry cost. If it drops back, it rebounds quickly too. You have to wait for the funding rate to turn positive, or for trading volume to clearly expand and longs start paying—then that’s when it shows the direction has been truly chosen. If you chase it now, above 144.54 there aren’t many points before you have to face a pullback.

Action: I’m not moving. If it retests near 144.54 and can hold steady, I’ll try a small long position. If it breaks, I’ll keep watching.

Trading tag: #TradFi #链上美股 #SOXL

Where do you think this thesis is most likely to be wrong?

Schwab’s market update from August 13 gave a rather awkward read: July’s headline PPI was flat, and core PPI rose 0.2% but came in below expectations. Yet within the inflation detail that the Fed focuses on, the relevant component is actually moving higher. At the same time, <0-9>$SNXX </0-9> is quoted at 16.35, up 3.48% over the past 24 hours, with trading volume of $429 million. There was no clear macro signal, yet price moved first.

My view is that this leg up in $SNXX lacks confirmation from contract leverage—it looks more like spot demand for the ETF itself. The funding rate is currently zero. While it’s up 3.48% over 24 hours, nobody is paying any cost. Neither bulls nor bears are crowded, which suggests price is moving up, but longs aren’t borrowing to chase, and shorts aren’t being squeezed into forced covering. The figure 1572733.98 for open positions, standing here as it is, only tells us that contract supply is still there—it doesn’t indicate the strength or direction of positioning. $429 million in volume is substantial, but it’s not at an extreme level.

The real tension in this setup lies inside the inflation data itself. Headline PPI and core PPI look mild, but that specific component flagged by Schwab is trending higher. That would prevent rate expectations from easing in a dovish direction. For a 2x long daily-frequency ETF, the most uncomfortable scenario is this kind of ambiguity: macro doesn’t give you a directional tailwind, and even if it’s up, there’s no solid foundation for persistence.

The strongest argument on the other side is that if this inflation component gets re-incorporated into subsequent pricing, high-beta leveraged instruments could first have liquidity drained. $SNXX is up 3.48%, but the funding rate hasn’t moved. If macro expectations turn hawkish again, the funding rate could flip from zero to positive. If that happens, the size of the pullback could be faster than what you’d see with ordinary spot. Currently, longs have paid no cost, so long positioning isn’t heavy—you can enter or exit. But conversely, once the funding rate turns positive, the chasing longs will start paying the position fee, and high-leverage exposure will be forced to de-risk. The number of open positions would likely drop first.

My action is to hold without adding. If $SNXX ’s funding rate turns from zero to positive, while the 24-hour price change flips from up to down, I’ll cut the position. If price keeps moving higher but the funding rate remains zero, that would imply demand doesn’t rely on leverage, and I’ll continue holding. For now I’m not shorting. With the funding rate at zero, shorts have no carry benefit—shorting would offer direction without compensation. The more aggressive approach is to cut the position by half when either the funding rate turns positive or the 24-hour move turns negative.

Trading tag: #TradFi #链上美股 #SNXX

Where do you think this thesis is most likely to be wrong?