Oct 29 Crypto Wrap: IDOLUSDT Jumps 66%, BLUR Funding Hits -1.92%

Bitcoin traded at $80,286.9 on Thursday, October 29, 2026 at 12:05 WIB, down 0.75% over the past 24 hours. BTCUSDT futures volume on Binance hit $11,164 million, based on public Binance USDT-M Futures API data processed by Queenby News.

The pullback tracked most of the major crypto assets. Ethereum fell 1.19% to $2,324.5 on $7,923 million in volume. Solana dropped 1.57% to $100.30, XRP slid 2.12% to $1.2986. The only gainer among the top five was BNB, up 1.54% to $757.81, though its volume was far thinner at $431 million.

Small-cap altcoins swing much harder

Outside the top five, volatility ran far sharper. Among 24-hour gainers with at least $50 million in volume, IDOLUSDT led with a 66.64% surge ($177 million), followed by QUSDT up 31.99% ($344 million), ONUSDT up 27.18% ($65 million), INITUSDT up 23.65% ($194 million), and BLURUSDT up 11.44% ($56 million).

On the losing side, CAPUSDT tumbled 25.52% ($69 million), DOSUSDT fell 16.22% ($84 million), XANUSDT dropped 11.51% ($135 million), HAEDALUSDT slipped 9.01% ($59 million), and EVAAUSDT fell 7.87% on a much heavier $478 million in volume, suggesting a lot of positions got unwound at once in that token.

Funding rates: BLURUSDT is the extreme outlier

Funding rate is a payment exchanged every 8 hours between long and short traders in perpetual futures contracts, designed to keep futures prices anchored close to spot. Positive funding means longs pay shorts. Negative funding means the reverse.

The most positive funding today sits with AINUSDT at 0.0558%, JCTUSDT at 0.0367%, and IDOLUSDT at 0.0284%. These numbers suggest long positioning is dominant enough in those three tokens to be costly to hold, and in IDOLUSDT's case this positive funding comes alongside a 66.64% rally, a fairly unusual combination since big rallies usually squeeze shorts rather than longs paying up.

The most negative funding is far more extreme: BLURUSDT at -1.9256%, well beyond the typical market range of roughly 0.01% to 0.03% per period. XANUSDT at -0.0821% and INITUSDT at -0.0395% look mild by comparison. BLURUSDT's deeply negative funding lines up with its 11.44% price jump over 24 hours, the classic pattern of a short squeeze where remaining short traders are forced to pay heavily to longs every 8 hours as price keeps moving against them.

Bitcoin open interest down 5.4% over the week

Open interest tracks the total value of outstanding futures contracts, not daily trading volume. BTCUSDT open interest stood at $7.79 billion, down 5.4% over the past seven days. Ethereum was far more stable, with open interest at $5.55 billion, down just 0.3% over the same period.

The sharper drop in BTC open interest compared to ETH, even though BTC's 24-hour price decline was smaller than ETH's, points to a more intense deleveraging process in Bitcoin over the past week rather than a simple spot-driven correction.

Long/short ratio and taker buy/sell: two different signals

The long/short account ratio measures the percentage of accounts holding long versus short positions, regardless of each account's position size. For BTCUSDT, 69% of accounts are long, a ratio of 2.21, meaning there are 2.21 long accounts for every short account. ETHUSDT's number runs even higher, with 78% of accounts long at a 3.62 ratio.

The taker buy/sell ratio measures something different: the aggressiveness of orders executed immediately in the market (takers), as opposed to resting limit orders. A reading above 1 means aggressive buyers outnumber aggressive sellers. BTC posted a 1.00 ratio yesterday, essentially flat. ETH came in slightly higher at 1.02, pointing to a thin edge in favor of buy-side pressure.

The majority of accounts in both BTC and ETH are positioned long, 69% and 78% respectively, yet both assets fell over the past 24 hours. That combination could mean the large retail account base is leaning optimistic while larger players trim exposure, pushing price lower even as the percentage of long accounts stays dominant.

What it means for traders

BLURUSDT's deeply negative funding is worth watching over the next few funding periods. If the rate stays this extreme, further short squeeze pressure could continue, but funding this stretched also tends to snap back quickly once short-side pressure eases.

Bitcoin's declining open interest over the past week deserves a closer look in the days ahead. If OI keeps falling while price holds around $80,000, that could signal deleveraging is settling down. If OI keeps dropping alongside further price weakness, selling pressure is likely still active.

The elevated long/short ratios in BTC (2.21) and ETH (3.62) mean long-side liquidation risk grows larger if price drops further from current levels. Traders holding long positions in either asset should keep an eye on nearby support and the leverage size they're running.

For thinly traded tokens like IDOLUSDT, QUSDT, or CAPUSDT that moved tens of percent in a single day, funding rates can swing sharply every 8 hours as positioning flows in and out. These kinds of extreme moves tend to come with continued volatility rather than a single isolated spike.

Quick FAQ on today's data

What is a funding rate in crypto futures?

Funding rate is a periodic payment every 8 hours between long and short traders in perpetual futures contracts, designed to keep futures prices close to spot. A positive rate means longs pay shorts, and a negative rate means the reverse.

Why did BLURUSDT's funding rate drop to -1.9256%?

Such an extreme negative rate usually appears when many short traders get caught off guard by a sudden price jump, in this case BLURUSDT rising 11.44% in 24 hours. Shorts who stay in the trade end up paying heavily to longs every 8 hours, a pattern typical of a short squeeze.

What does a 5.4% weekly drop in Bitcoin open interest mean?

Open interest tracks the total value of outstanding futures contracts. A decline signals traders are closing positions, whether from taking profit, getting liquidated, or deliberately cutting leverage.

What's the difference between the long/short account ratio and taker buy/sell ratio?

The long/short account ratio counts the percentage of accounts holding long versus short positions, regardless of position size. Taker buy/sell ratio measures the aggressiveness of market orders that get filled immediately, giving a closer read on real-time buy or sell pressure.