$DEXE This drop is a bit too decisive—within 15 minutes it broke down and dumped 1.16%. The close even fell through the lower bound of nearly 20 five-minute candlesticks. The volume, however, gave it plenty of face: the 15-minute trading volume surged to 3.76x, with a volatility Z value of 3.3. At this level, it’s definitely front-row abnormality across the whole pool.
But what’s really worth paying attention to isn’t the price itself, but the change in open interest. OI is trending downward on both the 15-minute and 1-hour frames. Net outflows are roughly 300k U, and active trade difference is -29.3%, with a buy/sell ratio of 0.55. This clearly indicates that longs are deleveraging—not that fresh shorts are moving in to press down. Put simply: someone couldn’t hold on and cut, rather than someone aggressively smashing.
At this current spot, it’s approaching its own historical extreme range. Nominal changes rank #22 across the entire pool, and depth also confirms the abnormal volume. If the price still wants to probe lower in the short term, we’ll first need to see OI rebuild. Otherwise, this kind of selloff is more likely to turn into a stop-loss waterfall than the start of a sustained trend.
But what’s really worth paying attention to isn’t the price itself, but the change in open interest. OI is trending downward on both the 15-minute and 1-hour frames. Net outflows are roughly 300k U, and active trade difference is -29.3%, with a buy/sell ratio of 0.55. This clearly indicates that longs are deleveraging—not that fresh shorts are moving in to press down. Put simply: someone couldn’t hold on and cut, rather than someone aggressively smashing.
At this current spot, it’s approaching its own historical extreme range. Nominal changes rank #22 across the entire pool, and depth also confirms the abnormal volume. If the price still wants to probe lower in the short term, we’ll first need to see OI rebuild. Otherwise, this kind of selloff is more likely to turn into a stop-loss waterfall than the start of a sustained trend.