$WAXP This spot is a bit interesting.
In the 15m timeframe, there’s a surge of +1.23%; volume even jumps to 4.63x. OI is also rising in sync—15m OI +4.08%, 1h +3.15%. The abnormal percentile is 97.6%, and the whole pool ranks at #3. Price is up, positions are up—this looks like typical newly added leveraged long positions entering the market, not that kind of feverish short covering.
Funding rate has been in the higher percentiles recently: active buys vs sells at 1.17, active executions are -+7.9% different, and the buy side is pushing. Several consecutive cycles have continued like this—this isn’t just a single wick.
But to put it plainly: when OI is nearing its own historical extreme range, it’s a double-edged sword. The more crowded the longs are, the stronger the impact of the reverse move.
The 24h traded value is only 11M, and the pool isn’t deep. Once this structure flips, slippage won’t be polite.
I have no position—I’m just watching. This kind of tape either keeps forcing the move up (squeezing higher) or it becomes a platform built for smart money to distribute. If you chase higher, weigh it yourself.
In the 15m timeframe, there’s a surge of +1.23%; volume even jumps to 4.63x. OI is also rising in sync—15m OI +4.08%, 1h +3.15%. The abnormal percentile is 97.6%, and the whole pool ranks at #3. Price is up, positions are up—this looks like typical newly added leveraged long positions entering the market, not that kind of feverish short covering.
Funding rate has been in the higher percentiles recently: active buys vs sells at 1.17, active executions are -+7.9% different, and the buy side is pushing. Several consecutive cycles have continued like this—this isn’t just a single wick.
But to put it plainly: when OI is nearing its own historical extreme range, it’s a double-edged sword. The more crowded the longs are, the stronger the impact of the reverse move.
The 24h traded value is only 11M, and the pool isn’t deep. Once this structure flips, slippage won’t be polite.
I have no position—I’m just watching. This kind of tape either keeps forcing the move up (squeezing higher) or it becomes a platform built for smart money to distribute. If you chase higher, weigh it yourself.