$ETH This surge in the early hours is something—within 15 minutes it already ate up 1.19%, and the trading volume has spiked to 7.7 times the usual.
What’s interesting, though, is that as the price climbs, the contract open interest (OI) is actually shrinking. Both the lower-tier and higher-tier OI are falling—this clearly doesn’t look like fresh new longs coming in to pump the market. It feels more like shorts are panicking to cover, and the squeeze is pushing prices higher.
In terms of active trades, the buy side has an overwhelming advantage: buys are 1.5 times higher than sells, and the direction is very clear. Also, the 15-minute close breaks directly above the upper edge of the range formed by the most recent 20 K-lines, and a volatility Z-score of 3.4 isn’t small.
When you look back at the overall pool data, this abnormality in OI ranks #2, while the notional change hits #1 outright. This kind of price-volume divergence combined with extreme ranking results in a short-term mood that is indeed dominant—but if it’s mainly a wave driven by short-covering, the sustainability is something to question.
Don’t rush to chase. Wait and see whether a pullback can hold the level before making a decision.
What’s interesting, though, is that as the price climbs, the contract open interest (OI) is actually shrinking. Both the lower-tier and higher-tier OI are falling—this clearly doesn’t look like fresh new longs coming in to pump the market. It feels more like shorts are panicking to cover, and the squeeze is pushing prices higher.
In terms of active trades, the buy side has an overwhelming advantage: buys are 1.5 times higher than sells, and the direction is very clear. Also, the 15-minute close breaks directly above the upper edge of the range formed by the most recent 20 K-lines, and a volatility Z-score of 3.4 isn’t small.
When you look back at the overall pool data, this abnormality in OI ranks #2, while the notional change hits #1 outright. This kind of price-volume divergence combined with extreme ranking results in a short-term mood that is indeed dominant—but if it’s mainly a wave driven by short-covering, the sustainability is something to question.
Don’t rush to chase. Wait and see whether a pullback can hold the level before making a decision.
