The old dog took a glance at the order book of $AVGO , and it’s down about 16% in the last 24 hours, with prices hovering around $408. Bulls are still managing to push the funding rate to nearly 19% at this level, which is interesting. According to the funding rate rule, a positive funding rate means the bulls are paying the bears, and the fact that we can maintain a positive rate during a downtrend indicates that the bottom-fishing power hasn’t dissipated, or the bears simply haven’t dared to step in heavily. I checked the trading volume; 119 million in 24-hour turnover isn’t bad, but the OI is stuck at 48k, which is noticeably slimmer compared to the last time we saw similar price drops. Right now, it feels more like bulls are leveraging internally rather than a case of 'the wall collapsing and everyone pushing'.

This wave of sell-off isn’t surprising; the semiconductor sector has been getting hit lately, and $AVGO , being a heavyweight, couldn’t escape unscathed. It actually dropped harder because it held the $430 line firmly for the past two weeks. The AI narrative previously pushed it to higher levels, but the market is quietly doubting its capacity for order absorption moving forward. Some OG addresses have been clearly offloading in the past two days, and while on-chain concentration still appears high, the big players aren’t rushing to scoop up at the dip.

Trading tags: #BinanceFutures #TradFi #USDⓈM #AVGO #AVGOUSDT $AVGO