$GPS This drop isn’t that brutal, but the structure is a bit interesting.
On the 15m chart: down 0.73%, volume up to 1.48x, Z-value 2.04. What’s really eye-catching is the passive trade gap of -52.9% and the buy/sell ratio at 0.31—clearly, someone is hitting the sell wall.
As for OI: both the 15m and 1h are at -0.20%. Notional shrank by 70K+, which is typical of longs deleveraging / getting stopped out. Combined with the funding rate still being in the high percentile recently, the long positions that were squeezed in earlier are now getting cleared. Price has broken below the lower band of the last ~20 5m candles; once the range boundary breaks, the short-term structure turns weak.
They call it an all-pool abnormality #13, but the notional change is only #48. On the funding side there isn’t much going on—more like emotion and position contraction. The 24h trading value is only 15M, the market is small; one wick is enough to poke out this kind of data.
I’m not in a hurry to take a position. I’ll wait for OI to stabilize before looking again. The tail end of this kind of deleveraging usually needs a bit more grinding time.
On the 15m chart: down 0.73%, volume up to 1.48x, Z-value 2.04. What’s really eye-catching is the passive trade gap of -52.9% and the buy/sell ratio at 0.31—clearly, someone is hitting the sell wall.
As for OI: both the 15m and 1h are at -0.20%. Notional shrank by 70K+, which is typical of longs deleveraging / getting stopped out. Combined with the funding rate still being in the high percentile recently, the long positions that were squeezed in earlier are now getting cleared. Price has broken below the lower band of the last ~20 5m candles; once the range boundary breaks, the short-term structure turns weak.
They call it an all-pool abnormality #13, but the notional change is only #48. On the funding side there isn’t much going on—more like emotion and position contraction. The 24h trading value is only 15M, the market is small; one wick is enough to poke out this kind of data.
I’m not in a hurry to take a position. I’ll wait for OI to stabilize before looking again. The tail end of this kind of deleveraging usually needs a bit more grinding time.