$ZAMA This drop is pretty decisive—within 15 minutes it’s down 4.19%, and volume is up to 2.77x. This isn’t just a little move.
The key is on the contracts side: in the past hour, OI fell by more than 8%, with a notional selloff of 1.67 million U. Add that to the fact that active selling pressure dominates (buy/sell ratio 0.69). This structure clearly shows longs are actively deleveraging—not the kind of passive, indiscriminate dumping.
Now the funding rate is still elevated, and we’re near the extreme range recently. There may be a squeeze where both sides get hit—longs and shorts. Don’t rush to bottom-fish; first watch for signs of stabilization.
The key is on the contracts side: in the past hour, OI fell by more than 8%, with a notional selloff of 1.67 million U. Add that to the fact that active selling pressure dominates (buy/sell ratio 0.69). This structure clearly shows longs are actively deleveraging—not the kind of passive, indiscriminate dumping.
Now the funding rate is still elevated, and we’re near the extreme range recently. There may be a squeeze where both sides get hit—longs and shorts. Don’t rush to bottom-fish; first watch for signs of stabilization.