$PUMP This 15m is a bit brutal—it directly broke through the lower edge of nearly 20 consecutive 5m bars. The trading volume surged to 2.45x the normal level, with aggressive volume differential at -24.1% and buy/sell ratio at 0.61—sell pressure is smashing, not probing.
But what’s interesting is the OI: 15m -0.40%, 1h -0.29%. Nominally, 2.5M and 2M have “run.” Price is down while OI is also down—this doesn’t look like fresh shorts entering. More like longs can’t hold and are deleveraging, with liquidation stop-loss chains. It’s at the 99th percentile abnormal. In the whole pool, it’s #31; in nominal change, #13. This has been continuing for several consecutive cycles, and the depth confirms it too.
In the past 24h, turnover is 212M—there are definitely people playing in the pool. Under this kind of structure, I generally don’t rush in. Until the deleveraging is finished, there may still be passive selling below. Wait for OI to stabilize a bit, then reassess.
But what’s interesting is the OI: 15m -0.40%, 1h -0.29%. Nominally, 2.5M and 2M have “run.” Price is down while OI is also down—this doesn’t look like fresh shorts entering. More like longs can’t hold and are deleveraging, with liquidation stop-loss chains. It’s at the 99th percentile abnormal. In the whole pool, it’s #31; in nominal change, #13. This has been continuing for several consecutive cycles, and the depth confirms it too.
In the past 24h, turnover is 212M—there are definitely people playing in the pool. Under this kind of structure, I generally don’t rush in. Until the deleveraging is finished, there may still be passive selling below. Wait for OI to stabilize a bit, then reassess.
