$CRCL Today it fell 7.26%, and the price reached 59.76. The special thing is that as the price moves downward, the funding rate remains positive—0.0006. This means the long positions are still holding on hard, paying the funding fee to shorts every day, yet still unwilling to stop-loss. The position size is 1.1 million, with no major shrinkage, indicating that this drop is not a collapse of longs, but rather incremental shorts actively applying downward pressure.
This has to be understood in terms of how Trump’s policy expectations are feeding through. The market is currently pricing in two key things: first, reflation expectations are heating up again, keeping U.S. Treasury yields at elevated levels and continuously weighing on high-beta assets; second, there are no signs that the structure of dollar liquidity is loosening, and the underlying funding environment remains tight. Rate-sensitive instruments like
$CRCL are the first to be hit in this environment.
The funding rate has not turned negative, which doesn’t reflect a one-sided market panic. Instead, it shows that shorts are actively increasing their positions and collecting the funding fee. This structure is the clearest observation sample. It’s not the time to enter yet. Positive funding rates paired with a one-way decline indicate that short momentum is still being released and has not reached exhaustion. What truly needs attention is a future moment: if the price stabilizes on decreasing volume, and the funding rate starts to fall or even turns negative, that would be the signal that a short squeeze is starting to form.
Trading tag:
#TradFi #链上美股 #CRCL
Is this Trump card bullish or bearish for CRCL?