$ZEN This round of decline is quite solid, not the kind of fake dump with a wick.
It dropped 1.5% in 15 minutes with 3x volume, but what’s interesting is that open interest also shrank sharply — down 3.4% in 2 hours, with notional value withdrawn by 650,000 U. This structure clearly shows longs lining up to cut losses and exit, not shorts adding to the pile-on. Aggressive sell pressure rose to 24%, the buy-sell ratio was 0.61, and sellers were basically outputting one-sidedly.
Funding rates are still at a recent high percentile, and combined with this kind of drop, it shows the previously accumulated long positions are being systematically liquidated. The overall pool anomaly percentile is 94%, and it has been running in an extreme range for several consecutive periods. At present, the decline has fundamental support, and there is no sign of a bottoming yet. Whether it can bounce depends on waiting for short-side momentum to exhaust first.
It dropped 1.5% in 15 minutes with 3x volume, but what’s interesting is that open interest also shrank sharply — down 3.4% in 2 hours, with notional value withdrawn by 650,000 U. This structure clearly shows longs lining up to cut losses and exit, not shorts adding to the pile-on. Aggressive sell pressure rose to 24%, the buy-sell ratio was 0.61, and sellers were basically outputting one-sidedly.
Funding rates are still at a recent high percentile, and combined with this kind of drop, it shows the previously accumulated long positions are being systematically liquidated. The overall pool anomaly percentile is 94%, and it has been running in an extreme range for several consecutive periods. At present, the decline has fundamental support, and there is no sign of a bottoming yet. Whether it can bounce depends on waiting for short-side momentum to exhaust first.
