$HOOD 24 hours pumped up 12.685%, price peaked at 85.28, trading volume hit 18.69 million USD. Old Dog took a quick glance at the contract data, and surprisingly, the funding rate is zero. This combo is rare; the surge is fierce, and the bulls haven't forked out an extra dime. Open Interest (OI) at 45238 isn't overcrowded, indicating we're not in a crowded trade phase yet.
Thinking deeper, this volume spike isn't driven by futures traders leveraging up. Looking at other contracts in the same sector mapped from US stocks, either their rates flipped positive early or their positions are stagnant. The on-chain activity of $HOOD over the past two weeks resembles an independent market driven by spot trading. Over at Robinhood's main wallet, the concentration of the top 100 addresses has been gradually increasing since mid-March; the numbers aren't outrageous, but the accumulation is steady and smooth. Based on Old Dog's experience, this combination of funding hitting zero + price stepping up usually signals that OTC funds are positioning while the local shorts are getting simmered, not yet ready to load up big. BTC didn't move much last night, which makes $HOOD 's alpha look clean.
Old Dog's position is currently half, with a stop-loss set at 83.5. If it drops below 83.2, I'm clearing out; if it holds above 85 for a day, I’ll add more at the 88 breakout level.
Trading Tags: #BinanceFutures #TradFi #USDⓈM #HOOD #HOODUSDT $HOOD
Thinking deeper, this volume spike isn't driven by futures traders leveraging up. Looking at other contracts in the same sector mapped from US stocks, either their rates flipped positive early or their positions are stagnant. The on-chain activity of $HOOD over the past two weeks resembles an independent market driven by spot trading. Over at Robinhood's main wallet, the concentration of the top 100 addresses has been gradually increasing since mid-March; the numbers aren't outrageous, but the accumulation is steady and smooth. Based on Old Dog's experience, this combination of funding hitting zero + price stepping up usually signals that OTC funds are positioning while the local shorts are getting simmered, not yet ready to load up big. BTC didn't move much last night, which makes $HOOD 's alpha look clean.
Old Dog's position is currently half, with a stop-loss set at 83.5. If it drops below 83.2, I'm clearing out; if it holds above 85 for a day, I’ll add more at the 88 breakout level.
Trading Tags: #BinanceFutures #TradFi #USDⓈM #HOOD #HOODUSDT $HOOD