ORDI rushes into the plaza for 6 hours and stays on the trending list, yet “perpetual” positions withdraw during the same period: price is up about 6.5% in 24 hours. But “real OI” actually decreased by 3.5% over the past 4 hours, and the active buy-sell ratio in the last 2 hours is only 0.78. While attention is rising, the contract capital that’s willing to keep pushing the price upward hasn’t caught up.
More troublesome is that the long/short ratio of the top positions has already reached 2.86. After the price fell from 4.10, a volume spike over 15 minutes left it around 3.76. This is where the easiest orders to get filled are the longs who chased in just because they saw the trending topic. I consider the next 2–4 hours as high-level rotation and I won’t participate in this rebound.
The 1-hour close is below 3.73; around 3.57 will likely re-expose it. Only if it regains 3.90, and if “real OI” returns above 2.15 million, would it indicate that new capital truly has come back—otherwise this assessment is invalidated. $ORDI
More troublesome is that the long/short ratio of the top positions has already reached 2.86. After the price fell from 4.10, a volume spike over 15 minutes left it around 3.76. This is where the easiest orders to get filled are the longs who chased in just because they saw the trending topic. I consider the next 2–4 hours as high-level rotation and I won’t participate in this rebound.
The 1-hour close is below 3.73; around 3.57 will likely re-expose it. Only if it regains 3.90, and if “real OI” returns above 2.15 million, would it indicate that new capital truly has come back—otherwise this assessment is invalidated. $ORDI