$BICO This wave of longs is getting dealt with again.
In 15 minutes, the price dropped 3.2%, but open interest shrank in sync by 3.16%, with notional positions cut directly by 547,000 U. This script is way too familiar—not new short-seller dumping, but longs getting liquidated and panic-selling in pure form. Leveraged funds are actively conceding and exiting.
What’s key is that the abnormal OI percentile has already reached 98.4%, ranking fourth in the whole pool. The funding rate is still hanging around at high levels recently, which indicates that the piled-up long positions are now queuing up to pay tuition. Active trades diverged by -9.6%, the buy-sell ratio is 0.82, and sellers fully control the tempo.
With a 24-hour trading volume of $210 million and volatility Z of only 1.17, there isn’t much evidence of broad participation—but the price is already pressing against the historical extreme range. This combination of shrinking-volume, slow-motion declines paired with position withdrawals is often the hardest: there’s nobody stepping in to take the other side, so you just watch longs blow up one after another.
In the end, it comes down to the usual rule: funding at elevated levels + abnormal OI at an extreme value—this is the classic liquidation/clearing signal for leverage. As for whether a rebound comes after clearing or whether it keeps lying there, nobody can say for sure. But at least this round, the longs were hit for real.
In 15 minutes, the price dropped 3.2%, but open interest shrank in sync by 3.16%, with notional positions cut directly by 547,000 U. This script is way too familiar—not new short-seller dumping, but longs getting liquidated and panic-selling in pure form. Leveraged funds are actively conceding and exiting.
What’s key is that the abnormal OI percentile has already reached 98.4%, ranking fourth in the whole pool. The funding rate is still hanging around at high levels recently, which indicates that the piled-up long positions are now queuing up to pay tuition. Active trades diverged by -9.6%, the buy-sell ratio is 0.82, and sellers fully control the tempo.
With a 24-hour trading volume of $210 million and volatility Z of only 1.17, there isn’t much evidence of broad participation—but the price is already pressing against the historical extreme range. This combination of shrinking-volume, slow-motion declines paired with position withdrawals is often the hardest: there’s nobody stepping in to take the other side, so you just watch longs blow up one after another.
In the end, it comes down to the usual rule: funding at elevated levels + abnormal OI at an extreme value—this is the classic liquidation/clearing signal for leverage. As for whether a rebound comes after clearing or whether it keeps lying there, nobody can say for sure. But at least this round, the longs were hit for real.