$VELVET This wave: in the next 15 minutes, it directly took down 5 points. Turnover exploded—more than 2x. Volume/energy was more than enough.
What’s most eye-catching is this: OI is rising while the price is falling. The 15m contract open interest even keeps adding, up by nearly 3 percentage points; on the 1h, it’s up by 9%+ even more. In plain terms, this structure is new leveraged short positions squeezing in—not just a simple liquidation/flight by longs.
The price has already closed below a key breakdown level, and active sell pressure is clearly dominant (sell orders consumed more than 60%). Near-term sentiment is tilted toward the bears. However, OI percentile is already at 85%, so if you chase shorts, you have to be careful—at this spot, if there’s even a reversal, the ones who enter later will get blown up.
With a size like $VELVET , it’s not small across the whole pool. If you’re going to play it, keep a close watch on the order book—don’t lose your head when the emotions are at their hottest.
What’s most eye-catching is this: OI is rising while the price is falling. The 15m contract open interest even keeps adding, up by nearly 3 percentage points; on the 1h, it’s up by 9%+ even more. In plain terms, this structure is new leveraged short positions squeezing in—not just a simple liquidation/flight by longs.
The price has already closed below a key breakdown level, and active sell pressure is clearly dominant (sell orders consumed more than 60%). Near-term sentiment is tilted toward the bears. However, OI percentile is already at 85%, so if you chase shorts, you have to be careful—at this spot, if there’s even a reversal, the ones who enter later will get blown up.
With a size like $VELVET , it’s not small across the whole pool. If you’re going to play it, keep a close watch on the order book—don’t lose your head when the emotions are at their hottest.
