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$ONE ONE dropped nearly ten percent today, to 0.00221. But the truly bizarre thing isn’t the drop — it’s the rate — negative 0.5364%! The shorts are holding the price down tightly, yet they have to pay the longs; such crowded shorts are rare to see anywhere. Trading volume is 149 million, open interest shrank by 4.3%. The long-short account ratio is 1.04, almost evenly split — neither longs nor shorts dare to breathe heavily. The 0.002 level has already been lost, and the intraday low even touched 0.00191. The worst part of this kind of drop is for those trying to catch the bottom; it looks cheap, but it might get even cheaper below. Shorts shouldn’t pop the champagne too early either. With the rate negative to this extent, a decent bullish candle could throw the crowded shorts into chaos. Watch more, act less, wait until it stabilizes on its own. $ONE