$TUT This 15-minute move dropped -3.32% directly; the trading volume suddenly surged to more than 6 times the usual level. OI simultaneously shrank by 3%—a classic liquidation scene where long positions get stampeded and cleared. On the nominal side, it already did -1.18M U in a single cycle. At the 1-hour level, it’s still accelerating in reducing positions. With 99.6% of the anomalies sitting in extreme quantiles, this isn’t a joke: the whole pool ranks 3rd. This is no small-time skirmish.

Aggressive buy-side volume is down 2.3%, with a buy/sell ratio of 1.05. On the surface the buyers are still holding up a bit, but the price keeps falling anyway—showing the shorts don’t care about your narrative; they just smash the market and push volume. With positions down this much, the longs who squeezed in earlier are either cutting losses or being forcibly liquidated. The liquidation-and-deleveraging path isn’t over yet.

Over the past 24 hours,成交 (trading) exceeded 100 million USD; liquidity in the order book isn’t the issue. The problem is direction. These extreme-range conditions have persisted across several cycles. Don’t rush to catch a falling knife—wait until OI stops declining first.