$USELESS This dip looks pretty typical—prices move down, and OI contracts in sync. The 1h contract positions dropped 1.9%, with notional down by roughly 1 million U. This isn’t a fresh short being added to smash it; it’s more like longs withdrawing themselves—either stopping out or actively deleveraging.
On the 15m timeframe, volume is up to 2.27x. The close also breaks below the lower edge of the recent 20-odd 5m range. Active trade imbalance is -10.4%, and the buy-sell ratio is 0.81—sell pressure is real. OI abnormal percentile is 92.5%, ranking #4 across the whole pool. This kind of position contraction sustained across multiple cycles usually isn’t something that ends after just one wave.
In the last 24h, there’s also 84M in turnover, so liquidity isn’t lacking. But until the long deleveraging logic runs its course, don’t rush to step in.
On the 15m timeframe, volume is up to 2.27x. The close also breaks below the lower edge of the recent 20-odd 5m range. Active trade imbalance is -10.4%, and the buy-sell ratio is 0.81—sell pressure is real. OI abnormal percentile is 92.5%, ranking #4 across the whole pool. This kind of position contraction sustained across multiple cycles usually isn’t something that ends after just one wave.
In the last 24h, there’s also 84M in turnover, so liquidity isn’t lacking. But until the long deleveraging logic runs its course, don’t rush to step in.