$ETHFI This 15-minute surge jumped 2.67%. Trading volume immediately pushed to 5.5 times the norm. OI also expanded in sync by 2.36%, and the funding rate is again sitting in the high percentile—this is the standard picture of leveraged longs aggressively adding.

With 99.4% of the OI in the abnormal percentile, ranking first across the whole pool—this isn’t small-scale action. Over the past 24 hours, volume was only 24.67 million. Yet within just 15 minutes, the notional change already accounted for 1 million U—short-term capital is crowding in very aggressively.

But note: the difference in aggressive/initiated trades is -3.2%, meaning the buy side isn’t as resolute as you might expect. At this kind of level, chasing longs can easily get buried, and shorts can also arrive at any moment for a counter-kick. Since it’s near historical extreme ranges, don’t get carried away—watch from the sidelines or do light-position trial and error instead.