Long positions are increasing, but the price isn't following suit.
Currently, $INIT spot is at $0.059, with a 24h high-low of $0.0597 / $0.0528, showing an intraday rise of 10.48%. It can make the leaderboard, but it’s not just about the percentage increase; the key point is that the contract trading volume has hit $5.96M, while the spot only stands at $1.59M, giving a contract/spot ratio of 3.8x. This structure indicates that today’s chasing funds are mainly in derivatives, not in spot.
I'm focusing on funding rates and open interest. The funding rate is just +0.0050%, which isn’t too squeezed, at least it hasn't reached the level of an unbalanced long position yet; however, the open interest has already hit 29,726,130 INIT, indicating that someone is continuously opening positions. The price has risen, and OI has also increased, but this kind of market is most afraid of not being able to match trades later, turning into high-level handovers.
So, I’m not chasing. My plan is to wait for a failure to hold above $0.0597 before trying a short, with only a 3% position size and a stop-loss above the previous high; if it returns to around $0.056 and there’s still spot support, I won’t flip my position either, as today's volume isn't worth the back-and-forth. This coin now feels more like a contract amplified by sentiment rather than a trend driven by the spot market. $INIT #INIT
If you can't handle it, don’t get in, after all, I've learned through losses.
Currently, $INIT spot is at $0.059, with a 24h high-low of $0.0597 / $0.0528, showing an intraday rise of 10.48%. It can make the leaderboard, but it’s not just about the percentage increase; the key point is that the contract trading volume has hit $5.96M, while the spot only stands at $1.59M, giving a contract/spot ratio of 3.8x. This structure indicates that today’s chasing funds are mainly in derivatives, not in spot.
I'm focusing on funding rates and open interest. The funding rate is just +0.0050%, which isn’t too squeezed, at least it hasn't reached the level of an unbalanced long position yet; however, the open interest has already hit 29,726,130 INIT, indicating that someone is continuously opening positions. The price has risen, and OI has also increased, but this kind of market is most afraid of not being able to match trades later, turning into high-level handovers.
So, I’m not chasing. My plan is to wait for a failure to hold above $0.0597 before trying a short, with only a 3% position size and a stop-loss above the previous high; if it returns to around $0.056 and there’s still spot support, I won’t flip my position either, as today's volume isn't worth the back-and-forth. This coin now feels more like a contract amplified by sentiment rather than a trend driven by the spot market. $INIT #INIT
If you can't handle it, don’t get in, after all, I've learned through losses.