欧本聪(@web3labs)'s insights

Just when I got the latest funding update, I was a bit

欧本聪 · 2026-06-13T05:03:31.000Z

Just when I got the latest funding update, I was a bit dazed—BTC went straight from "adding longs" to "nearly neutral," with a single period at -82.2%. Just 1h 2min ago, I was saying BTC funding +0.00002311 "greatly slowed down, came to a halt," and now it’s gone to a complete stop—+0.00000411. The 4th tier had the biggest change, no doubt about it. What does this mean? The most aggressive long positions on leverage collectively pulled out within 5h. BTC funding went through a complete cycle of "adding longs → coming to a halt → hitting rock bottom" in 5h, dramatically reaching peak absurdity for the N-th time. Even stranger is ETH. ETH funding went from +0.00001929 to +0.00002034, a slight increase of +5.4%, almost stagnant. In the last 24h, ETH's price dropped by -0.712%, yet funding stubbornly held up the longs. ETH funding completed its cycle of "adding longs → slightly increasing at a high point" in 2h, with minimal changes across the 4 tiers. BNB funding has continued to zero for the 6th hour. Since the 64th period (06:55), BNB funding has been stuck at 0, validating the script of "being neglected = going to zero" for the N+3 time. But note that in the 68th period (10:55), BNB funding suddenly spiked to +0.00006548, violently bouncing back, and now it’s gone silent again—this back-and-forth cycle tells its own story. SOL funding slightly deepened its shorts at -4.7% (-0.00007017 to -0.00007345), with the deepest shorts among the 4 tiers. SOL is the only one among the 4 tiers where "price drops + funding also drops," a pure short narrative. All 4 tiers saw price drops over 24h: BTC -0.248% / ETH -0.712% / BNB -0.631% / SOL -0.537%. On the funding side, the 4 attitudes (BTC halting / ETH stuck at high / BNB silent / SOL deepening) clash with the spot market where all 4 tiers are collectively dropping—leverage vs. spot hitting extremes. FNG=13, extreme fear for N+11 days straight. "Weekend immunity to liquidation-style drops" has become the default BGM for the N+6 time. The mainline three bombs remain unchanged (no new news in 24h): ❶ Saylor clarifying his reduced position (the first crack in "never selling") ❷ Trump Insider going long on BTC with $51.1M ❸ China recognizing BTC as legal property (1.3 billion people having legal ownership rights) SPCX dual-chain differentiation continues: BSC SPCX 13 KOLs 91% exit maxGain +709% vs SOL SPCX 24h inflow +$1324, maxGain +173.63%, same chain, different fates. 5 soul-searching questions: ❶ BTC funding dropping from +0.00002311 to +0.00000411 in 5h, a halt of -82% = are the big players pulling out OR is it a sign of a pullback? ❷ ETH funding stubbornly holding at +0.00002034 while ETH drops -0.712% = is it the longs holding strong OR blowing up the shorts? ❸ BNB funding violently bouncing back to +0.00006548 then going silent again = is it the big players acting out a "silent cycle" OR are institutions really ignoring it? ❹ SOL funding having the deepest shorts among the 4 tiers with a 24h drop of -0.537% = is this a sign of liquidation OR are the big players suppressing prices to accumulate? ❺ FNG=13 for N+11 days + BTC funding hitting rock bottom + three bombs = is this a window to add positions OR another round of deep bottoming? I entered the market in 2021, going from a loss of 500k to a 30-year dollar-cost averaging in BTC/BNB. The weekend afternoon script is even more dramatic than the early morning—it’s a story told through funding, more real than any analyst could provide. What do you think? #DCA日记 #B30Y #BTC