$LSK This drop was pretty decisive.
In 15m, it went straight down -10.42%, trading volume hit 6x the usual level, and the volatility Z reached 8.8. This doesn’t look like a normal pullback at all—there’s clearly aggressive sell pressure on the order book. The buy/sell ratio is 0.66; aggressive trade volume is down by more than 20%, and the direction of the sell-off is consistent.
But what’s even more worth noting isn’t just the magnitude of the decline—it’s the confirmation from OI (open interest). In the 15m contract, OI dropped 3.73%, with a nominal decrease of 2.55 million U. The 1h metric is also contracting. Price is falling while OI is dropping—this is a typical long-side deleveraging structure. Stop-losses and passive liquidations are what’s driving it, not shorts adding aggressively to push price lower. In other words, it looks more like longs collapsing themselves rather than shorts being unconcerned and building positions.
The abnormal percentile for OI has already reached 96.8%. In the whole pool, abnormal ranking is
#8 and nominal change is #5. At this kind of position, a relative breakdown usually indicates that chips are being forced to churn near an extreme range. The closing price has already broken below the lower edge of the last 20 or so 5m K-bars, and the short-term structure has completely turned bad.
At this point, the focus isn’t guessing the bottom—it’s checking whether the leverage is being cleared cleanly. Only if OI continues shrinking and price stabilizes without falling further do we have the qualifications to talk about a rebound. If instead there’s a low-volume snapback, it’s very likely just giving room for the next wave of selling pressure. LSK’s liquidity was already thin. With leverage contracting at this scale, don’t rush to catch the falling knife.