$TAO This move is pretty interesting. On the 15-minute chart, the price broke below the bottom of the 5-minute range that it had been holding up, but the trading volume is up by nearly a full 100% compared to usual—there’s a bit of a panicky vibe. What’s even more noteworthy is that the contract positions (OI) are still increasing, yet the notional value is shrinking; when you do the math, it looks more like newly entered shorts are actively chasing. The order book also supports this—active sell orders are down 26.5%, and both the buy/sell ratios have fallen to 0.58. Short sentiment is quite strong. Since the funding rate is still high in this spot, it’s not out of the question that leveraged shorts are entering and going all-in. But on the other hand, after dropping this much, being able to open contracts more than 48% higher than usual means the battle is fierce; the “short squeeze / explosive upside” opportunity for a short-term rebound could show up at any moment. Be careful.