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Amid stable macroeconomic indicators and an upward-closing US stock market, the cryptocurrency market continues to show a leader-centric trend, with Bitcoin (BTC) dominance recording 58.737965807804606%. Bitcoin fell by -0.42% over the past 24 hours but rose by +0.89% over 7 days, maintaining a solid performance around the $84,504.0 mark. However, Ethereum (ETH) fell by -1.39% over 24 hours and -0.49% over 7 days, and major altcoins such as XRP (-0.64%, -4.63%) and Dogecoin (DOGE, -1.51%, -5.41%) are showing correctional trends, limiting the overall market's upward momentum.
The Fear & Greed Index, which indicates investment sentiment, is at 67 (Greed), a slight decrease from 72 (Greed) the previous day, but still remains in the greed zone. This suggests that overall optimism about the market is sustained, but also implies the need for caution against overheating. The funding rates in the Binance USDT-M futures market are largely neutral, with Bitcoin at +0.00% and Ethereum at +0.00%, indicating no extreme position imbalances in major coins.
Most of the assets that showed remarkable gains in the Binance USDT-M futures market today saw a significant decrease in trading volume today (October 3) after a sharp rise yesterday (October 2), showing a sideways trend. This suggests a possibility of entering a consolidation or profit-taking phase after a short-term surge. In particular, the impact of short squeezes appears to have been prominent in some assets where funding rates were negative.
The Sandbox (SAND) recorded an impressive gain of +52.43% over the past 24 hours, trading at $0.06858. Open Interest (OI) remains substantial at $394.2M, and 24-hour trading volume surged to $823.1M, supporting the rapid rise. Particularly noteworthy is the extremely negative funding rate of -0.71%. This means that short position holders are paying long position holders, strongly suggesting the occurrence of a strong Short Squeeze. On October 2, a daily candle showed a surge of +52.61% with a trading volume of $821.1M, while today (October 3) recorded a minimal change of -0.10% and a negligible trading volume of $2.0M, indicating a slowdown in the upward trend. In other words, the sharp rise may have been largely a temporary rebound due to short position liquidations, and today's decrease in trading volume may indicate a weakening of additional buying momentum.
MAGMAUSDT rose by +57.86% over the past 24 hours, reaching $0.35814. Open Interest was $28.2M, and 24-hour trading volume was $229.7M, showing a relatively large increase. The funding rate remains positive at +0.03%, suggesting that new long position inflows may have driven the increase. Daily candle data shows consecutive strong increases on October 1 (+19.72%) and October 2 (+57.70%), with a large trading volume of $229.7M accompanying the rise on October 2. However, today (October 3) shows a minimal increase of +0.12% and an extremely low trading volume of $50K, indicating a significant slowdown in the surge. This likely suggests a surge due to short-term speculative long position inflows, and caution is needed against the risk of buying pressure being exhausted near the peak.
VELVETUSDT rose by +56.56% over 24 hours, reaching $0.09414. Open Interest was $83.4M, and 24-hour trading volume was $46.3M. The funding rate is positive at +0.02%, indicating a dominance of long positions. Similar to MAGMA, on October 2, a daily candle showed a surge of +56.78% with a trading volume of $46.2M, while today (October 3) showed a +0.29% increase with a very low trading volume of $78K. This can be interpreted as a surge that occurred in a low liquidity environment for individual assets rather than due to overall market upward momentum. In other words, new buying pressure pushed the price up, but a sharp reversal cannot be ruled out without continuous inflow of buying pressure.
MANAUSDT rose by +12.89% over 24 hours, reaching $0.10012. Open Interest was $66.7M, and 24-hour trading volume was $87.8M. In MANA's case, the funding rate is negative at -0.12%, similar to SAND, suggesting an impact from short position liquidations. On October 2, a daily candle recorded a +13.03% increase with a trading volume of $87.8M, while today (October 3) showed a -0.24% decrease with a very low trading volume of $29K. This can be interpreted as buying pressure weakening after short positions were liquidated to some extent. However, a negative funding rate still implies the possibility of residual short positions, so the possibility of further short squeezes cannot be entirely ruled out.
NIGHTUSDT (+27.17%), EVAAUSDT (+25.46%), GALAUSDT (+17.06%), TRUTHUSDT (+15.44%), ATHUSDT (+13.73%), and ENJUSDT (+12.00%) also recorded double-digit gains over the past 24 hours. Most of these assets surged on October 2 and then showed a sideways or slight downward trend today (October 3) with a sharp decrease in trading volume. Funding rates are neutral or slightly positive, which can be interpreted as a rebound due to short-term speculative buying or small-scale short squeezes. However, given the extremely low trading volume today, it is necessary to be wary of short-term volatility rather than expecting further upward momentum at this point.
The overall market showed a consolidating trend centered around Bitcoin, with major altcoins undergoing corrections, while some individual altcoins surged, driven by short squeezes or speculative long inflows. However, most of the surging assets showed significantly lower trading volumes today, indicating a slowdown in upward momentum. In particular, SAND and MANA, which recorded negative funding rates, are analyzed to have been significantly impacted by short position liquidations.
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부지런한fox
·샌드박스 숏스퀴즈 ㄷㄷㄷ
새171
·또 시작이네. 뻔한 급등 후 횡보 아닌가.
LuxFlash31
·더 크게 갈 놈들 숨고르는 중이지!