$ONDO This 15-minute level trend is a bit interesting. It fell 1.59%, which isn’t dramatic, but the structural signals behind it are more worth watching than the price itself.
Trading volume surged to nearly 5 times its usual level, and the price directly broke through the lower boundary of the range of the past 20 five-minute K-lines. More importantly, open interest and notional positions shrank in sync—this doesn’t look like shorts are smashing the market; it looks more like longs are actively deleveraging, cutting positions and exiting according to plan. The funding rate is still in the higher percentile recently, suggesting that the long-side positioning from before was indeed crowded.
The active-minus-passive成交差 (buy/sell aggressiveness gap) is -7.4%: passive buying and dominant selling, so short-term follow-through strength is limited. Open interest continues abnormally for several consecutive periods: its percentile is 96.4%, and it’s also near the top in the whole pool ranking. Deleveraging at this level isn’t just occasional volatility—it’s capital concentrating its exit.
In the last 24 hours, there’s still 135 million in trading volume, so liquidity hasn’t dried up, but the choice of direction is gradually becoming clear. For the short term, watch what the longs do next. If this price level can’t bounce, there may be another wave of position unwind/release.
Trading volume surged to nearly 5 times its usual level, and the price directly broke through the lower boundary of the range of the past 20 five-minute K-lines. More importantly, open interest and notional positions shrank in sync—this doesn’t look like shorts are smashing the market; it looks more like longs are actively deleveraging, cutting positions and exiting according to plan. The funding rate is still in the higher percentile recently, suggesting that the long-side positioning from before was indeed crowded.
The active-minus-passive成交差 (buy/sell aggressiveness gap) is -7.4%: passive buying and dominant selling, so short-term follow-through strength is limited. Open interest continues abnormally for several consecutive periods: its percentile is 96.4%, and it’s also near the top in the whole pool ranking. Deleveraging at this level isn’t just occasional volatility—it’s capital concentrating its exit.
In the last 24 hours, there’s still 135 million in trading volume, so liquidity hasn’t dried up, but the choice of direction is gradually becoming clear. For the short term, watch what the longs do next. If this price level can’t bounce, there may be another wave of position unwind/release.
