After this round of big dump in CC, my attitude has actually started to change.

It is not blind optimism, but rather a serious divergence between the market data and market sentiment.

**First, let's talk about the price aspect**

CC is currently fluctuating around $0.084. In the short term, it is a technical rebound after being oversold, but if we extend the period, it is still in a downtrend channel. The daily RSI has dropped to around 39, which has already entered the overly cold emotional zone.

Looking up, 0.089-0.095 is a clear resistance zone; looking down, 0.072-0.08 has strong support. Overall, it seems like a range consolidation after a big dump — the trend hasn't reversed, but the space for further falls is also limited. From another perspective, the cost-performance ratio of pushing up from this position may be higher than continuing to short.

**Derivatives data is more interesting**

The open interest (OI) increased by over 15% in 24 hours, but the price is falling. This is a typical "falling while adding positions" structure. The funding rates are all negative, indicating that short positions dominate the market.

More importantly, the distribution of liquidations: in the actual liquidation data, the amount of shorts being liquidated is greater than that of longs. There is a liquidation risk for longs of over a million dollars piled up near 0.074, and there is also a dense area of liquidations for shorts at 0.095.

On the surface, everyone is criticizing "unlimited inflation" and "institutional dumping," but the data shows that more people are actually shorting during the fall and haven't really exited.

When the fundamentals of a cryptocurrency do not have any fatal issues, but the derivatives show a combination of "negative rates + OI growth + high leverage short accumulation", my experience is: for a period of time afterwards, the price may be less related to the fundamentals, and more like it is giving these leveraged positions a "test".

**Why the fall has made me refocus on Canton**

Many people only focus on two points: the 100 billion token cap and inflationary coins.

But if you take a close look at Yuval's interpretation of the BME model, you will find that starting from 2026, the rewards for super validators will be significantly reduced, and more shares will be allocated to applications that are truly running the business. Moreover, the CC Drip mechanism will gradually be shut down.

In other words, the current inflation expectations may have been overstated.

**My opinion**

The short-term technical indicators have not completely exited the downward channel yet, but the OI and funding rate structure of the derivatives make me hesitant to chase this wave of "emotional bearish consensus".

In the medium term, if Canton can maintain its current pace of institutional adoption—such as RWA volume buybacks, fund entries, and the gradual implementation of C-end applications (like CantonExchange and Temple)—then this wave of "pricing chaos from zero to one" will eventually be repriced by real cash flows and usage data.

So the current attitude towards CC is: not blind faith, nor emotional bearishness. Just feel that this position is worth observing for a while.