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As of May 18, 2026, the cryptocurrency market is seeing an unusual surge in some altcoin futures, despite overall downward pressure. Looking at macroeconomic indicators, the US 10-year Treasury yield and 2-year Treasury yield are recorded at 4.47% and 4.0% respectively, showing a spread of 0.47%. The Dollar Index remains strong at 118.0392, and the US stock market also reflects overall risk-off sentiment, with the S&P 500 falling by -1.20% and the NASDAQ 100 by -1.51%. Notably, the VIX fear index is at a high level of 26.93, indicating market不安 (anxiety).
The cryptocurrency market is not immune to these trends. The total market capitalization is $2651.0B, with a 24-hour trading volume of $56.5B, and Bitcoin (BTC) dominance remains high at 58.29%. However, Bitcoin (BTC) has fallen by -0.89% in 24 hours and -5.59% in 7 days, trading at $77438.0. Ethereum (ETH) also dropped by -2.38% in 24 hours and -8.71% in 7 days, reaching $2128.0. Major altcoins like XRP, SOL, and DOGE are also experiencing weakness. The Fear & Greed Index, representing investor sentiment, is at 28 (Fear), remaining in the extreme fear stage, same as the previous day. Bitcoin funding rates show a negligible negative value of -0.000011 (-0.00%), and open interest is reported as $0.0B.
Amidst this overall market weakness, some altcoins in the Binance USDT-M futures market have recorded significant gains. It is important to be cautious that this might be due to individual supply-demand imbalances or short-term movements driven by specific news, rather than an overall market recovery. From now on, 'Derivatives Fox' will penetrate the position structures of the top-performing assets with sharp intuition.
FIDAUSDT recorded an overwhelming gain of +41.72% in 24 hours, trading at $0.02303. What is notable is that the funding rate is an extreme negative value of -1.21%. This suggests that despite the sharp price increase, short positions were excessively accumulated in the futures market, or a large number of new short entries occurred, not anticipating the surge. The 24-hour trading volume was a substantial $110.6M, and open interest (OI) also remained high at $277.6M.
Looking at the daily data, a surge of +43.45% occurred on May 17 with a trading volume of $109.9M. However, today (May 18), the trading volume has drastically decreased to $742K, recording a slight decrease of -1.46%. This can be interpreted as the May 17 surge being primarily driven by a massive short position liquidation (short squeeze), and the current weakening momentum due to a lack of follow-up buying.
EDENUSDT rose by +29.74% in 24 hours, reaching $0.05004. The 24-hour trading volume is very high among top assets at $463.8M, and open interest (OI) is also substantial at $148.2M. The funding rate shows a negligible negative value of -0.01%. This suggests that, though not as extreme as FIDA, short position pressure existed despite the price increase.
On the daily chart for May 17, a +29.71% increase occurred with a large trading volume of $463.7M. Today (May 18), the trading volume has plummeted to $89K, with almost no price movement. This indicates that a sharp rise accompanied by high trading volume occurred, but profit-taking and market observation are more dominant than additional buying inflow. High trading volume implies concentrated interest from market participants, but the subsequent decrease in volume raises questions about trend continuation.
QUSDT is trading at $0.024805, up +12.69% in 24 hours. This asset is particularly noteworthy for recording a very high open interest (OI) of $451.5M. The funding rate shows a slightly positive value of +0.01%, indicating a minor long position dominance. The 24-hour trading volume is $26.4M.
Daily data shows that after a surge of +34.05% on May 13 (trading volume $166.1M), it maintained a sideway trend on May 14 with a high trading volume of $235.0M. Subsequently, it continued a slight upward trend, and on May 17, it rose again by +12.84%, testing previous highs. High open interest means market participants' interest and leveraged bets are concentrated, and since the funding rate is not extreme, it may not yet be considered an overheated stage. However, the current sharp decrease in trading volume to $4K after a sustained rise could indicate a short-term slowdown in momentum.
SPACEUSDT is trading at $0.007914, up +13.95% in 24 hours. This asset also records a high open interest (OI) of $374.3M, and the funding rate is a slightly positive +0.01%. The 24-hour trading volume is $38.6M.
On the daily chart for May 17, a +14.49% increase occurred with a trading volume of $38.6M. However, today (May 18), the trading volume is extremely low at $7K, with a decrease of -0.42%. High open interest implies significant leveraged positions have been built. While the funding rate is not yet at an overheated level, if a premium develops in the futures price compared to the spot price, the risk of long position liquidation could increase. A decrease in trading volume after a surge may indicate a weakening of short-term upward momentum.
BSBUSDT is trading at $0.57615, up +30.17% in 24 hours. The 24-hour trading volume was quite high at $301.1M, but open interest (OI) is relatively low at $25.3M. The funding rate shows a slight long position dominance at +0.04%.
On the daily chart for May 17, a surge of +30.22% occurred with a large trading volume of $301.0M. However, today (May 18), the trading volume has drastically decreased to $36K, with a decrease of -0.15%. This likely indicates a short-term surge driven by strong buying, and the low open interest suggests that leveraged positions have not significantly accumulated. The evaporation of trading volume after a surge can be interpreted as a sign of insufficient additional upward momentum.
The remaining rising assets, OPENUSDT (+16.35%), DUSKUSDT (+13.03%), MAGMAUSDT (+12.62%), KAITOUSDT (+10.65%), and KAIAUSDT (+10.50%), also mostly showed sharp increases on May 17, and today (May 18), trading volumes have significantly decreased, recording minor fluctuations. The funding rates for these assets are mostly neutral or slightly positive, suggesting that they were more likely short-term buying inflows or bottom-rebound characteristics rather than extreme short squeezes like FIDA. However, the decrease in trading volume indicates a weakening of short-term momentum, requiring a cautious approach.
Most of the top-performing assets in the Binance futures market today experienced sharp price increases on May 17, and as of May 18, trading volumes have significantly decreased, with minimal price fluctuations. This represents individual asset movements amidst overall macroeconomic and cryptocurrency market weakness, making it difficult to interpret as a sign of an overall market turnaround. Rather, caution is needed against the possibility of short squeezes or surges due to short-term buying inflows by specific entities in low liquidity.
Especially for assets like FIDAUSDT, which recorded an extreme negative funding rate, it can be seen as a classic short squeeze pattern where prices were pushed up as massive short positions were liquidated. Conversely, assets like QUSDT or SPACEUSDT, which recorded high open interest, indicate that market participants' leveraged bets are concentrated, which could lead to increased price volatility in the future. Generally, the pattern of rapidly decreasing trading volume after a surge suggests a depletion of short-term momentum, and new entries at this point would entail high volatility and reversal risks.
Amidst overall market weakness, some altcoin futures assets experienced short-term surges, primarily due to short squeezes or temporary buying inflows. Many assets saw momentum weaken as trading volumes sharply decreased after the surge, meaning new entries at this point could carry high risks. It is especially important to continuously monitor the funding rates and changes in open interest to assess whether position structures are overheated.
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귀여운고양이
·아이고, 떨어지면 어쩌죠. 너무 무서워요.
초록784
·또 시작이네, 글쎄 두고봐야지
Sky_Walker
·음, 흥미롭군.
cosmic_beetle
·이러다 다 잃는 거 아닌지 몰라요.
귀여운카멜레온
·이 급등, 잠시 스쳐가는 바람 같네.