$ORCA 15 minutes down 2%, with trading volume doubling. This move wasn’t just simple selling pressure — OI is shrinking on the short cycle, while on the longer cycle it has actually increased slightly. It looks more like leveraged longs at high levels are being de-risked in集中, rather than a large wave of new shorts entering the market. Funding rates are still elevated, which means longs were too crowded earlier, and now we’re entering a painful cleansing phase. $ORCA This level is not far from the historical extreme, so everyone should watch out and avoid getting hurt by a wick spike.