$BR This move is a bit ruthless.
In just 15 minutes, it crushed more than 13 on the prints; the trading volume hit 2.68x the usual baseline, and the OI abnormal percentile surged to 99.8%, ranking first across the whole pool. This isn’t ordinary fluctuation—it’s leverage being forcibly liquidated.
What’s interesting is that as price falls, OI also falls; the notional change is -5.43M. This is a typical deleveraging structure—not new short positions opening to dump, but more like longs getting liquidated and pushed downward. Within 5 minutes, Binance perpetuals saw 247K worth of liquidation—those proxy orders were fairly concentrated in one direction.
Funding rates are still sitting in the higher percentile recently, which suggests the previous longs were crowded quite a bit. At this point, we’re near the historical extreme zone—chasing shorts and bottom-fishing both feel uncomfortable.
I choose to wait and see—whether this deleveraging leg is just wrapping up, or whether it’s the beginning. $BR
In just 15 minutes, it crushed more than 13 on the prints; the trading volume hit 2.68x the usual baseline, and the OI abnormal percentile surged to 99.8%, ranking first across the whole pool. This isn’t ordinary fluctuation—it’s leverage being forcibly liquidated.
What’s interesting is that as price falls, OI also falls; the notional change is -5.43M. This is a typical deleveraging structure—not new short positions opening to dump, but more like longs getting liquidated and pushed downward. Within 5 minutes, Binance perpetuals saw 247K worth of liquidation—those proxy orders were fairly concentrated in one direction.
Funding rates are still sitting in the higher percentile recently, which suggests the previous longs were crowded quite a bit. At this point, we’re near the historical extreme zone—chasing shorts and bottom-fishing both feel uncomfortable.
I choose to wait and see—whether this deleveraging leg is just wrapping up, or whether it’s the beginning. $BR