The old dog took a quick look at $QCOM over the last 24 hours, down -9.219% to 227.38. A solid bearish candlestick has left quite a few traders dazed. What’s interesting isn’t just the drop itself; the funding rate surprisingly hit zero, while open interest (OI) remained steady at 42425.02 without any significant movements. This isn’t something you usually see in the on-chain stock sector. Typically, after a drop this steep, perpetual contracts would show some short premium, but with a funding rate of zero, the bulls haven't been charged any toll fees, nor has there been a panic sell-off. This suggests that the selling pressure is likely from spot traders, while the contract longs are still holding firm.

Digging deeper, $QCOM , as a TradFi reflection of the Semi sector, has no comparable coins in the same sector this week, so it’s dancing solo. The old dog focuses on OI and price divergence for these types of assets; despite the 9-point drop, OI remains unchanged, indicating either that buyers are slowly accumulating at these levels or that the bulls are still adding positions in anticipation of a rebound. Considering the funding rate hasn’t risen but stayed neutral, I lean towards the former, suggesting that big wallets are picking up at these lower prices, bringing the rate back to neutrality. I've seen this kind of setup before back in November last year, where after a sharp drop in $QCOM , OI remained flat for three days before bouncing back over the next two weeks.

Trade tags: #BinanceFutures #TradFi #USDⓈM #QCOM #QCOMUSDT $QCOM