Leverage did not leave ETH. It switched sides.
The read going around is that the pin into the weekly close cleaned the book: $229M of $ETH longs gone in one hour against $715M of $BTC, shorts barely touched at $29.6M. Smaller crowd, cleaner market.
Cleaner, or just crowded the other way?
The settlement after it answers that. ETH perp funding went from +0.00191% to -0.01092%, the most negative print in eight days, now -0.01045%. Annualized, shorts pay 11.4% a year to hold that side while BTC longs still collect 2.7%. In damage terms, ETH's short side pays 4x what $SOL's does for 1.5x the move.
So I am waiting. The ETH/BTC ratio at 0.0285 is already the bottom quarter of its one-year range; I am not paying rent to repeat a move that finished.
I am wrong if the next two settlements print positive, because that makes this a hedge, not a crowd.
Not financial advice. So into the US open: shorts crowding in for a squeeze, or ETH's bid simply gone?
$ETH $BTC $SOL #Ethereum #BinanceSquare #CPITestsDecemberRateOutlook
The read going around is that the pin into the weekly close cleaned the book: $229M of $ETH longs gone in one hour against $715M of $BTC, shorts barely touched at $29.6M. Smaller crowd, cleaner market.
Cleaner, or just crowded the other way?
The settlement after it answers that. ETH perp funding went from +0.00191% to -0.01092%, the most negative print in eight days, now -0.01045%. Annualized, shorts pay 11.4% a year to hold that side while BTC longs still collect 2.7%. In damage terms, ETH's short side pays 4x what $SOL's does for 1.5x the move.
So I am waiting. The ETH/BTC ratio at 0.0285 is already the bottom quarter of its one-year range; I am not paying rent to repeat a move that finished.
I am wrong if the next two settlements print positive, because that makes this a hedge, not a crowd.
Not financial advice. So into the US open: shorts crowding in for a squeeze, or ETH's bid simply gone?
$ETH $BTC $SOL #Ethereum #BinanceSquare #CPITestsDecemberRateOutlook
