$ONE This most unusual part isn’t that it surged 38% in 24 hours. It’s that after spiking, it barely retraced—while the real contract count climbed from about 1.16 billion to 2.85 billion in just 12 hours. The funding rate, too, was pushed from a normal positive value down to around -1%.
Shorts are paying, and even though the active sell-side order flow is still slightly in control, the price is holding near 0.00150. Sell pressure is being absorbed—this feels more like a short squeeze than a fundamental reversal. Contract trading volume is 14.3 times that of spot, and official channels have not shown any catalyst that could explain this sudden rally.
The move isn’t done yet. Over the next 2–6 hours, it still leans toward squeeze continuation. If, within 15 minutes, it reclaims 0.00161, 0.00169 will likely be tested again. But if the close falls back below 0.00149, this view is invalid—the rest would just be leverage unwinding.
#futures funding structure
Shorts are paying, and even though the active sell-side order flow is still slightly in control, the price is holding near 0.00150. Sell pressure is being absorbed—this feels more like a short squeeze than a fundamental reversal. Contract trading volume is 14.3 times that of spot, and official channels have not shown any catalyst that could explain this sudden rally.
The move isn’t done yet. Over the next 2–6 hours, it still leans toward squeeze continuation. If, within 15 minutes, it reclaims 0.00161, 0.00169 will likely be tested again. But if the close falls back below 0.00149, this view is invalid—the rest would just be leverage unwinding.
#futures funding structure