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As of April 4, 2026, the cryptocurrency market is generally dominated by extreme fear. The Fear & Greed Index recorded 11 (Extreme Fear), clearly revealing investors' anxiety, and the VIX fear index also stands at 33.53, indicating high volatility. Amid this macroeconomic instability, Bitcoin (BTC) saw a meager gain of +0.07% over 24 hours to $66,940.0, while Ethereum (ETH) fell by -0.21% to $2,053.34, with major cryptocurrencies failing to find a clear direction. In other words, the market as a whole is in a wait-and-see mode, and caution against downward pressure is high.
However, even amidst this market sentiment, some altcoins showed unusual surges in the Binance USDT-M futures market. This is likely due to individual factors, such as short squeezes or short-term supply-demand imbalances caused by specific news, rather than a signal of a broader market bullish reversal. Notably, the BTC funding rate remains at +0.00%, and the ETH funding rate is -0.00%, effectively showing a neutral or slight short position dominance, meaning no signs of general market overheating due to large-scale long position building have been detected yet. From now on, we will penetrate the position structures of the top-performing assets with Derivative Fox's sharp intuition.
EDGEUSDT recorded an impressive gain of +45.17% over 24 hours, currently priced at $1.132. Notably, its 24-hour trading volume reached $592.1M, and open interest (OI) also hit $23.2M. The funding rate remains slightly positive at +0.000050 (+0.01%).
Looking at the daily chart data for the past 7 days, EDGEUSDT showed a continuous upward trend, starting at $0.5542 on March 29 and closing at $1.131 on April 3. Particularly on April 3, it surged +45.04% with a trading volume of $592.0M. This suggests the possibility of strong buying interest backed by new long position inflows. However, on April 4, it showed a negligible gain of +0.04% from an opening price of $1.1311 to a closing price of $1.1316, with a sharply decreased trading volume of $76K. This indicates a potential pause at a short-term peak or profit-taking pressure.
In conclusion, considering EDGEUSDT's recent strong upward trend and new trading volume inflows, the probability of trend continuation is estimated at around 60%, and the possibility of a short-term pullback at around 40%. The risk of new entry at this point is assessed as moderate. A key variable to watch out for is whether additional buying interest will flow in after today's sharp decrease in trading volume.
ONGUSDT surged +44.29% over 24 hours, reaching $0.09483. Its 24-hour trading volume was $248.0M, showing active trading, but open interest (OI) at $61.7M is relatively not large compared to the price increase. Particularly noteworthy is the extremely negative funding rate of -0.010176 (-1.02%). This strongly suggests that short positions were excessively accumulated, and a large-scale short liquidation likely occurred with the price increase.
Looking at the daily chart data, on April 3, it surged +43.84% from an opening price of $0.06572 to a high of $0.11088, closing at $0.09453, accompanied by a substantial trading volume of $247.5M. However, the extremely negative funding rate suggests that forced liquidation of short positions was the primary driver of the increase. On April 4, it only gained +0.65% from an opening price of $0.09453 to a closing price of $0.09514, and trading volume sharply decreased to $460K.
ONGUSDT's rebound is largely characterized by a short squeeze, and given that the funding rate is still highly negative, there's a possibility of further short liquidations. However, if the rise is due to short covering rather than new long inflows, its sustainability is questionable. Therefore, the probability of trend continuation is estimated at around 30%, and the possibility of a short-term pullback at around 70%. The risk of new entry at this point is assessed as high. Key variables to watch out for are the point at which the extremely negative funding rate turns positive and whether subsequent buying interest flows in after short covering.
DUSDT rose +42.09% over 24 hours, reaching $0.011857. Its 24-hour trading volume was $104.7M, and open interest (OI) stood at $451.7M, the highest among Binance futures' top gainers. The funding rate is -0.000022 (-0.00%), a negative value close to neutral.
Looking at the daily trend, it recorded an explosive gain of +106.32% on April 1 but then plunged -38.65% on April 2, showing significant volatility. On April 3, it rose again by +41.80%, closing at $0.011833. On April 4, it showed a +0.31% gain with a negligible trading volume of $37K. High open interest indicates very high market participant interest but also implies significant volatility. A funding rate close to neutral suggests that position skew towards a specific direction is not yet extreme in terms of funding rates.
DUSDT exhibits very high volatility due to its large open interest and has shown a pattern of repeated sharp rises and falls in the past. The probability of trend continuation is estimated at around 40%, and the possibility of a short-term pullback at around 60%. The risk of new entry at this point is assessed as high. A key variable to watch out for is the potential for large-scale liquidations due to the high volume of open interest.
PUFFERUSDT rose +28.71% over 24 hours, reaching $0.03309. Its 24-hour trading volume was $36.8M, and open interest (OI) was $55.6M. The funding rate shows an extremely negative value of -0.016446 (-1.64%), similar to ONG, indicating the presence of large-scale short positions.
Looking at the daily chart data, on April 3, it surged +30.73% from an opening price of $0.02571 to a high of $0.04337, closing at $0.03361, accompanied by a trading volume of $36.5M. However, on April 4, it fell -1.96%, and trading volume sharply decreased to $293K. Most importantly, Binance announced that it would delist the PUFFER/USDT perpetual futures pair on April 8 at 17:30 (Korean time).
The surge of such a coin scheduled for delisting is highly likely due to a temporary short squeeze or speculative trading. The extremely negative funding rate also supports this. Given the clear negative factor of delisting, the probability of trend continuation is less than 10%, and the possibility of a short-term pullback is judged to be over 90%. The risk of new entry at this point is assessed as very high. A key variable to watch out for is the surge in forced liquidations and selling pressure as the delisting date approaches.
ALGOUSDT rose +15.80% over 24 hours, reaching $0.1231. Its 24-hour trading volume was $131.2M, and open interest (OI) was $124.2M. The funding rate is -0.000124 (-0.01%), a weak negative value.
Looking at the daily chart data, it has maintained a steady upward trend since March 31. Specifically, it rose +9.50% on April 1 with a trading volume of $130.7M, and on April 3, it surged +15.71% with a trading volume of $131.2M. On April 4, it showed a flat +0.00% and trading volume sharply decreased to $28K. According to news, Algorand (ALGO) was mentioned as an early adopter of Google's quantum-resistant protocol, leading to a more than 44% increase over a week. This external factor appears to have driven the price increase.
ALGOUSDT rose on the back of clear positive news, but it currently appears to be pausing with decreased trading volume. The funding rate being a negative value close to neutral suggests that a combination of short covering and new buying interest, rather than overheated long positions, might have been at play. The probability of trend continuation is estimated at around 55%, and the possibility of a short-term pullback at around 45%. The risk of new entry at this point is assessed as moderate. Key variables to watch out for are additional news flow related to quantum computing and the sustained interest of the market.
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