ENA’s 15m volume surged 6.8x, breaking straight through the lower bound of the range formed by nearly 20 5m candles. Aggressive trade delta was -33.2%, and the buy/sell ratio was 0.50. But OI didn’t rise, and 1h notional fell by 1.9M—isn’t this classic long deleveraging? Stop-losses got swept and positions are shrinking; this isn’t new shorts entering. The anomaly percentile is 94.2%, and the move ranks #12 across the pool by notional change—another move near a historical extreme. A decline driven by deleveraging on contracting volume is completely different from heavy-volume short pressure. First, let’s see if it can find support here.