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As of July 28, 2026, macroeconomic indicators and major cryptocurrency markets show somewhat unstable trends. The US 10-year Treasury yield is 4.69% and the 2-year Treasury yield is 4.33%, maintaining a short-long spread of 0.36%. However, the Dollar Index records a high level of 120.7105, suggesting a tightening environment. In the US stock market, the Nasdaq 100 index fell slightly (-0.31%), and the VIX fear index recorded 21.38, reflecting market uncertainty.
The overall cryptocurrency market is experiencing downward pressure. Bitcoin (BTC) fell by -2.37% over 24 hours and Ethereum (ETH) by -3.08%, recording $63,711.0 and $1,890.54 respectively. Major altcoins such as XRP, SOL, and DOGE also saw declines of 2-4% over 24 hours. The Fear & Greed Index, which indicates investor sentiment, slightly decreased from the previous day to 29 (Fear), showing that fear sentiment is dominant across the market.
However, despite this overall market weakness, a notable uptrend was observed in individual assets within the Binance USDT-M futures market. It should be noted that this is likely a temporary phenomenon due to specific factors of individual assets or position structures, rather than a trend reversal of the entire market. The BTC funding rate is very low at 0.000042%, and the ETH funding rate is also low at 0.000015%, indicating no signs of excessive long position overheating. However, caution is needed in interpreting the data given that BTC Open Interest (OI) is listed as $0.0. This could be due to the data aggregation method at a specific time and may not accurately reflect the actual size of the Bitcoin futures market.
ONUSDT recorded a high volatility of +48.81% over 24 hours, trading at $0.19036. Open Interest (OI) is a significant $59 million, and the funding rate remains slightly positive at +0.000597% (+0.06%). This suggests an influx of new long positions along with the price increase. The 24-hour trading volume is a substantial $141.4 million.
Looking at the daily candlestick data for the past 7 days, an explosive rise of +48.45% was recorded on July 27, accompanied by a high trading volume of $141.3 million. However, today's (July 28) current price only increased by +0.36% compared to the previous day's closing price, and trading volume sharply decreased to $112,000. This suggests the possibility of a short-term breather or profit-taking movements after the strong buying pressure of the previous day. While the funding rate not being extremely high may indicate that it is not yet an excessive long position overheating stage, the previous day's surge warns of a short-term pullback.
In conclusion, ONUSDT is assessed to have a 50% chance of trend continuation due to new long inflows and a 50% chance of a short-term pullback. The risk of new entry at this point is rated as moderate. The key variable to watch is whether the significantly reduced trading volume after yesterday's surge is a sign of weakening buying pressure or a temporary lull.
COTIUSDT rose by +42.98% over 24 hours, reaching $0.010609. Particularly noteworthy is that Open Interest (OI) remains very high at $492.7 million, and the funding rate recorded an extreme negative value of -0.020000% (-2.00%). This strongly suggests that a significant number of traders had built short positions, and their liquidation (short squeeze) likely occurred due to the price increase. The 24-hour trading volume is $95.4 million.
Looking at the daily candlesticks over the past 7 days, an explosive rise of +43.88% and a trading volume of $93.4 million were observed on July 27. However, today (July 28), it fell by -0.66%, and trading volume sharply decreased to $2 million. The extremely low funding rate indicates that an excessive amount of short positions had accumulated, which is presumed to have created a structure vulnerable to a short squeeze. However, a rise driven by a short squeeze may only be a temporary rebound if not supported by subsequent buying pressure.
COTIUSDT is assessed to have a 70% chance of a strong short squeeze-driven rebound and a 30% chance of a short-term pullback. The risk of new entry at this point is rated as high. The key variable to watch is whether short covering will continue as the extreme funding rate normalizes, or if it will turn into new selling pressure.
AKEUSDT rose by +28.10% over 24 hours, reaching $0.004013. Open Interest (OI) shows a very unusual scale of $7.6 billion, and the funding rate is almost neutral at +0.000050% (+0.01%). The 24-hour trading volume is very high at $622 million.
According to 7-day daily candlestick data, it rose by +28.70% on July 27, recording a large trading volume of $621.7 million. Today (July 28), it fell by -0.38%, and trading volume sharply decreased to $383,000. The Open Interest volume being $7.6 billion in the data is surprising. If this figure is accurate, it could mean that an unusually massive amount of speculative capital has flowed in. However, the fact that the funding rate is not high can be interpreted as a sign that long positions are not excessively concentrated in the short term. The previous day's surge and high trading volume indicate strong market interest, but today's sharply decreased trading volume may suggest a short-term weakening of buying pressure.
AKEUSDT is assessed to have a 55% chance of speculative trend continuation based on high liquidity and a 45% chance of a short-term pullback. The risk of new entry at this point is rated as high. The key variable to watch is whether the unusually high Open Interest volume can act as actual liquidity to support the price, or if it is an illusion due to a data error.
BULLAUSDT rose by +22.93% over 24 hours, reaching $0.014021. Open Interest (OI) is high at $828 million, and the funding rate is positive at +0.000738% (+0.07%). The 24-hour trading volume is $11.2 million.
Looking at the 7-day daily candlestick data, it rose by +23.04% on July 27, recording a trading volume of $11.2 million. Today (July 28), it fell by -0.14%, and trading volume is extremely low at $9,000. High Open Interest and a positive funding rate likely indicate an uptrend driven by new long position inflows. However, the significant decrease in trading volume today after yesterday's surge suggests that buying pressure may have temporarily entered a lull or that profit-taking movements may be occurring.
BULLAUSDT is assessed to have a 50% chance of trend continuation due to new long inflows and a 50% chance of a short-term pullback. The risk of new entry at this point is rated as moderate. The key variable to watch is whether buying momentum can be sustained after yesterday's surge.
TAGUSDT rose by +21.63% over 24 hours, and Open Interest (OI) showed a very unusual scale of $9 billion, similar to AKEUSDT. The funding rate is a low positive +0.000262% (+0.03%), and after yesterday's surge, today's trading volume sharply decreased to $16,000. SOXSUSDT rose by +18.09% over 24 hours, and the funding rate recorded a negative -0.000470% (-0.05%), suggesting the possibility of some short position pressure. These assets also saw a significant decrease in trading volume today after yesterday's surge, indicating a short-term wait-and-see attitude or profit-taking movements.
Today's top-performing assets in the Binance USDT-M futures market showed a contrasting trend to the declines in major cryptocurrencies like Bitcoin and Ethereum. This is likely due to specific situations or position structures of individual assets, rather than strong buying pressure across the entire market. In particular, COTIUSDT's extremely negative funding rate can be interpreted as a strong signal for a short squeeze, and the unusually high Open Interest for AKEUSDT and TAGUSDT suggests the possibility of abnormal speculative interest concentrated in these assets, along with a need to verify data accuracy. Overall, many assets saw a sharp decrease in trading volume today after yesterday's surge, indicating a time to be cautious of increased short-term volatility and the possibility of pullbacks.
The overall market is dominated by fear sentiment amidst downward pressure, but some altcoin futures assets surged due to individual factors.
COTIUSDT has a high possibility of a short squeeze due to an extremely negative funding rate, while ONUSDT, AKEUSDT, and BULLAUSDT show a short-term wait-and-see attitude after new long inflows.
Most assets saw a sharp decrease in trading volume today after yesterday's surge, requiring caution regarding the risk of short-term pullbacks.
ONUSDT: Need to confirm if buying pressure is maintained despite sharply decreased trading volume.
COTIUSDT: Need to monitor whether additional short covering occurs during the normalization process of the extremely negative funding rate.
AKEUSDT: Need to confirm whether the unusually high Open Interest volume translates into actual liquidity and sustained buying inflows.
BULLAUSDT: Need to confirm if buying momentum continues to flow in after yesterday's surge.
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