TAC Crashes 50%: OI Halves to $15.7M, Funding Positive

TAC Crashes 50% After Its +87% Squeeze

TAC was this week's squeeze poster child, then gave it all back. In the last 24 hours the token dropped 50.4% to $0.002886 on Binance, erasing most of the gains from the +87% run on August 27. The high printed $0.008181, the low $0.002601. That is a 68% round trip from the top in under a day, with $277 million in Binance volume alone, so this was not a low-liquidity blip.

Bybit and Gate show the same tape, down 50.8% and 51.1% with ranges matching Binance within a fraction of a cent. The selling hit every listing at once, which points to broad positioning unwinding rather than a single exchange glitch.

Open Interest Halved: Leverage Is Leaving

The derivatives book tells the real story. Open interest fell 48.3% in 24 hours to $15.7 million after peaking near $30 million during the squeeze. Binance, the largest venue, cut its book 47.9% to $5.58 million. KuCoin, which holds the biggest share at 39%, trimmed 43.6%. Bybit shed 67.7%, the most aggressive exit of the group.

Liquidations stayed modest through the crash. The token accounted for roughly $1.7 million of the last 24 hours of forced selling, about 11% of its remaining open interest. A 50% drop with that little liquidation means most of the unwind was voluntary. Holders closed or got stopped before the engines could finish the job, and the book has flattened: 4-hour changes on most venues are now in the low single digits.

Funding Flipped Positive While Price Fell

Here is the twist. Funding was negative through the squeeze, with shorts paying to hold. Now every major venue reads positive: Binance at 0.005%, Gate at 0.029%, KuCoin at 0.13%, and the open-interest-weighted average at 0.055%. The crash did not push funding negative; it flipped it the other way.

Positive funding after a 50% dump means the remaining book still leans long. The people left holding pay the short side a small fee, which typically happens when traders average down or expect a bounce. It is a fragile setup: a small book, still net-long, and paying for the privilege.

What to Watch Next

The squeeze thesis is done for now. Open interest is back near pre-rally levels, funding is positive again, and volume is rotating toward names like TRUMP, up 23% today. For anyone with exposure, the levels are simple: the $0.0026 low from this session on the downside, and the $0.004 consolidation zone on the upside. A reclaim of $0.004 with rising open interest would signal a fresh build; losing $0.0026 opens the door to the levels seen before the squeeze started.

Data as of 15:11 Beijing time, covering Binance, Bybit, Gate, KuCoin, MEXC and other major venues.