$CAKE I just scanned a somewhat interesting structure over here.
On the 15m timeframe it dropped 0.53%. It doesn’t look like much, but the closing price directly broke below the lower edge of the recent ~20 5m ranges. The key isn’t the size of the drop—it’s the trading volume: 2.24x the usual level, with a buy/sell ratio of 0.61 and an aggressive trade difference of -24.6%. This suggests that this move was truly being hit by real sell orders, not some fake breakout created by thin liquidity.
What’s even more interesting is the OI direction. As price fell, OI also went down. Over the 1h contracts, the notional decreased by roughly 95K U. This doesn’t look like fresh shorts entering; it looks more like longs are deleveraging, sweeping stops, or someone is quietly reducing positions. The abnormal percentile is 84.7%, placing it in Pool #11—not the most eye-catching—but the notional change ranks around #40. That means the overall position reduction is more pronounced than what the surface price action alone suggests.
The 24h trading value is only a bit over 15M, and the pool was never very deep. With volume like this to expand and then break through the boundary, the question is how strong the bid/support is on the short side overhead. For now, I’m watching just two things: after the breakdown, whether there’s a pullback to confirm the range low as resistance, and whether OI keeps declining. If price starts moving sideways but OI keeps shrinking, then basically it’s position drawdown—not just churn.
For now, note it down. No rush.
On the 15m timeframe it dropped 0.53%. It doesn’t look like much, but the closing price directly broke below the lower edge of the recent ~20 5m ranges. The key isn’t the size of the drop—it’s the trading volume: 2.24x the usual level, with a buy/sell ratio of 0.61 and an aggressive trade difference of -24.6%. This suggests that this move was truly being hit by real sell orders, not some fake breakout created by thin liquidity.
What’s even more interesting is the OI direction. As price fell, OI also went down. Over the 1h contracts, the notional decreased by roughly 95K U. This doesn’t look like fresh shorts entering; it looks more like longs are deleveraging, sweeping stops, or someone is quietly reducing positions. The abnormal percentile is 84.7%, placing it in Pool #11—not the most eye-catching—but the notional change ranks around #40. That means the overall position reduction is more pronounced than what the surface price action alone suggests.
The 24h trading value is only a bit over 15M, and the pool was never very deep. With volume like this to expand and then break through the boundary, the question is how strong the bid/support is on the short side overhead. For now, I’m watching just two things: after the breakdown, whether there’s a pullback to confirm the range low as resistance, and whether OI keeps declining. If price starts moving sideways but OI keeps shrinking, then basically it’s position drawdown—not just churn.
For now, note it down. No rush.