$PUMP saw a pretty sharp 15m sell-off: down 2.39% on 2.64x volume, with an aggressive buy/sell ratio of 0.59, clearly showing sellers in control. Binance 5m liquidations were 241K U. Shorts weren’t getting liquidated; instead, longs were deleveraging in a concentrated wave—OI was down 0.08% over 15m, and notional value fell by 1.11M. Price down + OI down is a classic sign of stop-losses and position reduction, not new shorts entering.
Funding rates are still in a high percentile compared with recent levels, suggesting longs were previously overcrowded, so a shakeout like this is to be expected. The key is whether price can hold the lower end of the recent range. If it can’t, the 420M in 24h volume may continue to unwind. Chasing shorts offers only a mediocre risk-reward; waiting for signs of stabilization is safer.
Funding rates are still in a high percentile compared with recent levels, suggesting longs were previously overcrowded, so a shakeout like this is to be expected. The key is whether price can hold the lower end of the recent range. If it can’t, the 420M in 24h volume may continue to unwind. Chasing shorts offers only a mediocre risk-reward; waiting for signs of stabilization is safer.