$NEAR down 7% today, long-side funding still maxed out.
Current price 5.03, about 7.0% below the high; daily trading volume about 182 million.
OKX long-side funding at 0.01%, maxed out; Binance top-five buy/sell ratio about 0.95.
HL positions about 311 million, about 222 million today; density 1.4, positions are moving.
Price is plunging while funding stays maxed out—log it as selling under high funding, not as a completed bottom.
The only counterargument: the rate drops back below 0.005%.
#NEAR结构 #L1 temperature spread
Current price 5.03, about 7.0% below the high; daily trading volume about 182 million.
OKX long-side funding at 0.01%, maxed out; Binance top-five buy/sell ratio about 0.95.
HL positions about 311 million, about 222 million today; density 1.4, positions are moving.
Price is plunging while funding stays maxed out—log it as selling under high funding, not as a completed bottom.
The only counterargument: the rate drops back below 0.005%.
#NEAR结构 #L1 temperature spread