$INJ This drop is pretty decisive—over the last 15 minutes it’s down -1.89%, and the trading volume has jumped to 9.9x of normal. On the order book, the sell-side aggressive pressure has taken an absolute advantage. The buy/sell ratio is 0.35—basically one-way distribution.
What’s even more worth noting is that OI hasn’t really decreased; instead it’s rising. The contract open interest is still +0.81% over the past hour, but this “nominal change” is negative—in other words, as the price is falling, the new positions being added are more inclined toward shorts adding leverage, not simply longs cutting positions and exiting. This kind of structure often implies more to come than a straightforward sell-off.
On top of that, the OI abnormal percentile has already reached 99%, ranking 3rd across the whole pool, and it’s now breaking down toward the lower bound of the recent range. At this point, it will either rebound quickly or continue to accelerate. If it just chops sideways for too long, that usually suggests the capital is building something big. Let’s wait and see.
What’s even more worth noting is that OI hasn’t really decreased; instead it’s rising. The contract open interest is still +0.81% over the past hour, but this “nominal change” is negative—in other words, as the price is falling, the new positions being added are more inclined toward shorts adding leverage, not simply longs cutting positions and exiting. This kind of structure often implies more to come than a straightforward sell-off.
On top of that, the OI abnormal percentile has already reached 99%, ranking 3rd across the whole pool, and it’s now breaking down toward the lower bound of the recent range. At this point, it will either rebound quickly or continue to accelerate. If it just chops sideways for too long, that usually suggests the capital is building something big. Let’s wait and see.