In the past 24 hours, it dropped 6.465%. The
$HIMS at this level is kind of interesting. The price is at 28.5, the funding rate is -0.00008765, and shorts are paying longs.
The core of the Trump trade is policy uncertainty. Healthcare stocks like HIMS are directly exposed to the crosshairs of policy direction. The market chose to sell first; the price drops, but with the funding rate so deeply negative, it suggests the shorts are crowded and everyone is betting that policy headwinds will continue.
Shorts being crowded is true, but the liquidity of on-chain contracts hasn’t expanded accordingly. Open interest is 34149.55; if we use the 28.5 price, the notional dollar value isn’t even at the million level. This position size isn’t really a whale-versus-whale showdown—it’s more like a concentrated release of retail sentiment.
What’s the strongest counterevidence? If Trump says anything even slightly moderate about the healthcare industry, it could trigger a short-squeeze-style liquidation. With a negative funding rate, shorts are bleeding every 8 hours; they have less patience than longs.
So my view is: in the short term, the selloff driven by sentiment is overdone, but until the policy “boots” actually land, any rebound is an opportunity for shorts to escape—not a trend reversal.
Trading tag:
#TradFi #链上美股 #HIMS
Where do you think this thesis is most likely to be wrong?