$ESPORTS This wave of longs’ stop-loss level is really tough—within 15 minutes it dropped 6.48%, and the trading volume surged to 24 times the usual level. This is a classic long_unwind scene.
OI is contracting. The contract notional open interest decreased by nearly 500,000 U within an hour. And this isn’t an isolated action from a single cycle—it's at the 99.4th abnormal percentile, ranked #1 across the board, and it has continued for several consecutive cycles. This suggests the exit isn’t just retail panic, but structural positioning backing out.
The only interesting part is that the aggressive trade imbalance is still positive at 1.7%—buy orders are absorbing—but the price still couldn’t hold, and the disagreement between longs and shorts is quite strong.
Near-term trading sentiment may still be there, but 24h volume is only 16 million U, and the market isn’t that deep. After such a thorough clearance, either it stabilizes or the next leg accelerates. Don’t rush to bottom-fish—first, see whether within the next 48 hours the position structure can be repaired back.
OI is contracting. The contract notional open interest decreased by nearly 500,000 U within an hour. And this isn’t an isolated action from a single cycle—it's at the 99.4th abnormal percentile, ranked #1 across the board, and it has continued for several consecutive cycles. This suggests the exit isn’t just retail panic, but structural positioning backing out.
The only interesting part is that the aggressive trade imbalance is still positive at 1.7%—buy orders are absorbing—but the price still couldn’t hold, and the disagreement between longs and shorts is quite strong.
Near-term trading sentiment may still be there, but 24h volume is only 16 million U, and the market isn’t that deep. After such a thorough clearance, either it stabilizes or the next leg accelerates. Don’t rush to bottom-fish—first, see whether within the next 48 hours the position structure can be repaired back.