$BTC gave back 1.49K from 81K, and Open Interest dropped with it.
- Open Interest (Binance Futures): 8.78B -> 8.59B, longs unwound as price fell
- CVD: spot 596.24M, perp 2.89B, both down from the prior push, net selling
- Coinbase Premium: -0.06%, still negative
- Order Book Depth (0-5%): spot -195.52, perp +285.37, perp flipped bid-heavy
Falling OI into falling price means longs unwinding, not fresh shorts. Perp book turning bid-heavy suggests the flush is getting absorbed. Coinbase Premium staying negative means no spot confirmation yet.
This is a leverage flush. OI dropping on the way down is usually healthy, but premium needs to flip positive before calling a local bottom.
Does this OI flush mark the low, or is more length left to unwind?
- Open Interest (Binance Futures): 8.78B -> 8.59B, longs unwound as price fell
- CVD: spot 596.24M, perp 2.89B, both down from the prior push, net selling
- Coinbase Premium: -0.06%, still negative
- Order Book Depth (0-5%): spot -195.52, perp +285.37, perp flipped bid-heavy
Falling OI into falling price means longs unwinding, not fresh shorts. Perp book turning bid-heavy suggests the flush is getting absorbed. Coinbase Premium staying negative means no spot confirmation yet.
This is a leverage flush. OI dropping on the way down is usually healthy, but premium needs to flip positive before calling a local bottom.
Does this OI flush mark the low, or is more length left to unwind?
