The old dog has been watching COHRUSDT all night, and around 3 AM, the price poked near 389. Suddenly, the order book was quiet for a moment, then a big bullish candle shot through the small triangle from the previous days. It’s up 11.728% in 24 hours, which isn't outrageous, but when you consider the funding rate at 0.00000%, the vibe changes significantly.
With the funding rate at zero, it means neither side wants to bear the interest first. This equilibrium state follows an 11% bullish candle, and from the old dog's experience, the bears are still holding on, while the bulls haven't accumulated enough chips. The trading volume is 9.11 million, and the open interest (OI) is at 17.2K, which isn’t heavy, indicating this surge didn't take much effort, and there’s no significant selling pressure gathering above. I took a look at the crypto narrative linked to COHR; BTC has been bouncing around the 70k mark for the past two weeks, with assets like COIN, MSTR, and HOOD—those tied to crypto exchanges and publicly traded companies—rallying alongside, while semiconductors have been lagging a bit behind. COHR, being a veteran in lasers and optical devices, isn’t directly related to mining chipsets, but TradFi players are currently tying these semiconductor stocks to the crypto market, with the rationale being that mining equipment upgrades require precision optics, and Coherent is a key player upstream. Other stocks in the same sector are still dragging their feet, while COHR is making moves. From a chip structure perspective, the concentration of wallets isn’t alarming yet; whales haven’t exited, just waiting for an excuse.
I checked similar setups, and back in January, we also saw a zero funding rate with light OI, which led to a 25% pump over the next two weeks. It doesn’t always play out the same way, but in a low funding rate environment, the bulls can accumulate with very low costs, and once a catalyst hits, the upward friction is minimal. The market is currently shouting that BTC is due for a pullback, which also makes folks think COHR, tied to the crypto narrative, should take a break too. The old dog doesn’t see it that way; BTC at the 70k level isn’t about money fleeing but about rotation. Once that rotation is done, if BTC keeps climbing, assets like COHR that lagged could accelerate because funds are looking for new prey outside the pure crypto sector.
If it can hold above 389 for more than three days, I’ll increase my current observation position to half a position and see if it can close that 420 level.
Trading tags:
#BinanceFutures #TradFi #USDⓈM
#COHR #COHRUSDT $COHR