$ON just dropped 13 points. What’s the funding rate doing? Surprisingly, it’s still positive at +0.005%. What does that mean? The longs are still paying the shorts, which shows the bulls aren’t giving up. They might even see this as a dip-buying opportunity. But the price has plummeted from 0.124 to 0.103, nearly touching 0.1031. With this drop and a positive funding rate, I can only say—the bulls are still holding strong, but the longer they hold, the greater the liquidation risk.
The thing is, this positive funding rate isn't extreme or mild; it's in that “still holding on” phase. It’s different from that -0.1% panic funding rate. Right now, it’s not panic; it’s a dull knife slicing through the gains. If the funding rate turns negative in the next few hours, that could signal a short-term bottom. But for now? It’s too early to call a bottom; let’s wait until the funding rate dips below -0.01% before making any moves.
To put it plainly, this drop feels more like a trend correction, not a panic sell-off. If you’re thinking about catching this falling knife, I’d suggest waiting a bit longer—don’t rush to hand over cash to the shorts. #ON
The thing is, this positive funding rate isn't extreme or mild; it's in that “still holding on” phase. It’s different from that -0.1% panic funding rate. Right now, it’s not panic; it’s a dull knife slicing through the gains. If the funding rate turns negative in the next few hours, that could signal a short-term bottom. But for now? It’s too early to call a bottom; let’s wait until the funding rate dips below -0.01% before making any moves.
To put it plainly, this drop feels more like a trend correction, not a panic sell-off. If you’re thinking about catching this falling knife, I’d suggest waiting a bit longer—don’t rush to hand over cash to the shorts. #ON