Price hovered around 56 all day—unable to rise and unable to break down. Yet in just seven hours, the contract open interest expanded by 4.34%. The price didn’t move, but positions went up. This divergence is worth more thought than the up-or-down move itself.
Who’s adding to the position? Big players. The whale accounts’ long proportion is 73.2%, and over the past seven hours they pushed it up again (+7.65%). On the position side, the long proportion is 71.8%—also increasing. Meanwhile, the active buy-side order flow is only 36.9%. In other words, the big players are effectively catching the “dumped” lots that retail investors knocked loose. If it were truly a distribution, the big players’ long proportion should be drifting downward—not climbing upward against the selling pressure.
Fees are also speaking in the same direction. Out of eight sampling points, three turned positive and the rest stayed negative; the funding rate hovered around -0.025% and shorts kept paying the bill. Market sentiment is bearish, and the shorts have no cost advantage. This add-on doesn’t look like retail chasing longs—it looks more like big players stocking up at low levels.
My stance: go long. Price rebounded from a 54.18 low to 55.98, sitting in the upper part of the 24h range. If shorts can’t break it, the big players’ positions will only get tighter. For the short term, first look for the recovery of 56.3 near the dual moving averages, then try to challenge the level above 57.
Risks are written plainly: if price breaks below 54.18, that means the attempt to absorb failed—then I’d exit and reverse, admitting I was wrong on the long. Or if the big players’ long proportion turns down, it indicates the chips are being rotated—then don’t hold the long.
#dram $DRAM