$BR This wave is more like the bulls are withdrawing themselves, not the bears smashing hard.
On 15m: down 1.6%, volume is only 0.96x, and the volatility isn’t big. But on the OI side: 15m -1.58%, 1h -3.65%. Nominally, it shrank by nearly 1 million USDT. Price is down (+), while open interest is also down—typical of longs deleveraging, stopping out, or voluntarily shrinking positions. Active trades are down -9.8%, buy-sell ratio is 0.82. There is selling pressure, but it’s not the kind that’s out of control.
Over 24h: turnover is 552M, and the anomalous percentile in the pool is 78.4%. The nominal change across the whole pool is #12, indicating it’s not just a small move. Structurally, however, it looks more like positions are being cleared out rather than new shorts coming in to take over. In this kind of setup, chasing shorts can easily get hit by a rebound, and trying to bottom-fish also needs to wait for the OI to stabilize.
Let’s first see whether it can wash the leverage clean before anything else.
On 15m: down 1.6%, volume is only 0.96x, and the volatility isn’t big. But on the OI side: 15m -1.58%, 1h -3.65%. Nominally, it shrank by nearly 1 million USDT. Price is down (+), while open interest is also down—typical of longs deleveraging, stopping out, or voluntarily shrinking positions. Active trades are down -9.8%, buy-sell ratio is 0.82. There is selling pressure, but it’s not the kind that’s out of control.
Over 24h: turnover is 552M, and the anomalous percentile in the pool is 78.4%. The nominal change across the whole pool is #12, indicating it’s not just a small move. Structurally, however, it looks more like positions are being cleared out rather than new shorts coming in to take over. In this kind of setup, chasing shorts can easily get hit by a rebound, and trying to bottom-fish also needs to wait for the OI to stabilize.
Let’s first see whether it can wash the leverage clean before anything else.