A large position was accumulated before the flash crash of Binance's $DOT coin-margined perpetual, according to open interest data.
DOTUSD_PERP fell fell as low as $0.25.
viewbase.com/futures/chart?iโฆ#Polkadot#Binance
1/ Coin-margined $BTC perpetual open interest are useful for tracking short selling activity.
Why do short sellers prefer to short using coin-margined perp (also known as inverse perp to Bitmex users)?
#Bitcoinviewbase.com/futures/chart?iโฆ
1/ Coin-margined $BTC perpetual open interest are useful for tracking short selling activity.
Why do short sellers prefer to short using coin-margined perp (also known as inverse perp to Bitmex users)?
#Bitcoinviewbase.com/futures/chart?iโฆ
1/ Coin-margined $BTC perpetual open interest are useful for tracking short selling activity.
Why do short sellers prefer to short using coin-margined perp (also known as inverse perp to Bitmex users)?
#Bitcoinviewbase.com/futures/chart?iโฆ
1/ Coin-margined $BTC perpetual open interest are useful for tracking short selling activity.
Why do short sellers prefer to short using coin-margined perp (also known as inverse perp to Bitmex users)?
#Bitcoinviewbase.com/futures/chart?iโฆ
2/ The delta of coin-margin perps increases as prices falls.
As price drops, a short position would accumulate more and more delta, earning more PnL than it would on a USD-margin contract.
$DOGE is up 30% since the start of US session.
It is also a crowded short trade, being one of the few alts with negative funding in a sea of high funding rates.
viewbase.com/funding
$DOGE has shaken out most of the late FOMO leveraged longs, with open interest on Binance USDT Perpetual down -65%.
There is a good probability that $DOGE swings up in the current illiquid market condition when the Americans wake up.
#Binance#Dogecoinviewbase.com/futures