Ten majors on the board, ten red prints. BTC -2%, only 7 of 51 majors green tonight. And yet the perp book barely flinched. That gap is the whole story.
Leveraged BTC positions sit near $37B, the same level as a week ago, inside a 7-day band of roughly $36B to $38.2B. If shorts were driving this slide, open interest would be expanding while funding flipped negative. Neither is happening. Funding is still positive, about +0.006% per 8 hours, near 11% annualized on the largest venue, so longs are still paying to stay. Liquidations over the past 24h: only around $6M, and most of that was shorts getting squeezed on small bounces, not longs hunted on the way down.
Zoom out a week: about $780M of BTC positions were force-closed, 74% of them longs, with the worst single day early in the week. The damage was already taken. What remains is a slide carried by spot selling and closed-out longs, not fresh short conviction.
A perp-driven breakdown leaves fingerprints: rising OI, negative funding. Neither exists here. So I stay waiting, not bearish on the book, just unimpressed by it.
Data as of today. Not financial advice.
Which prints first: funding turning negative, or open interest finally expanding on a red candle?
$BTC #BinanceSquare #Bitcoin #OpenInterest #FundingRates
Leveraged BTC positions sit near $37B, the same level as a week ago, inside a 7-day band of roughly $36B to $38.2B. If shorts were driving this slide, open interest would be expanding while funding flipped negative. Neither is happening. Funding is still positive, about +0.006% per 8 hours, near 11% annualized on the largest venue, so longs are still paying to stay. Liquidations over the past 24h: only around $6M, and most of that was shorts getting squeezed on small bounces, not longs hunted on the way down.
Zoom out a week: about $780M of BTC positions were force-closed, 74% of them longs, with the worst single day early in the week. The damage was already taken. What remains is a slide carried by spot selling and closed-out longs, not fresh short conviction.
A perp-driven breakdown leaves fingerprints: rising OI, negative funding. Neither exists here. So I stay waiting, not bearish on the book, just unimpressed by it.
Data as of today. Not financial advice.
Which prints first: funding turning negative, or open interest finally expanding on a red candle?
$BTC #BinanceSquare #Bitcoin #OpenInterest #FundingRates
