$ON This 15-minute move directly pulled up 3.5%, and the volume expanded to more than 3x—looks quite intimidating.
But pay attention: while the price is rising, the contract open interest (OI) is actually declining slightly. This structure is more like shorts covering than new longs being driven in. The combination of OI decreasing + price rising raises a big question mark about the cost-effectiveness of chasing higher.
At the close, it directly broke through the highs of nearly 20 five-minute K-lines. The active buy orders do seem to have the advantage, with the buy/sell ratio at 1.38, and the direction is slightly bullish. However, the nominal changes in the contract order book don’t really keep pace with the price increase—this may just be short-term positioning by funds.
Don’t chase. Wait for a pullback and confirmation before considering it.
But pay attention: while the price is rising, the contract open interest (OI) is actually declining slightly. This structure is more like shorts covering than new longs being driven in. The combination of OI decreasing + price rising raises a big question mark about the cost-effectiveness of chasing higher.
At the close, it directly broke through the highs of nearly 20 five-minute K-lines. The active buy orders do seem to have the advantage, with the buy/sell ratio at 1.38, and the direction is slightly bullish. However, the nominal changes in the contract order book don’t really keep pace with the price increase—this may just be short-term positioning by funds.
Don’t chase. Wait for a pullback and confirmation before considering it.