$AIN This pullback is kind of interesting. In just 15 minutes it dumped 4 percentage points; the trading volume surged straight to 2.33x the normal level, but open interest actually fell—over the past hour, OI dropped more than 6%, and notional value decreased by about $0.5 million.
This doesn’t look like fresh shorts entering; it’s more like longs can’t hold up and are pulling back themselves. Aggressive volume traded on the buy/sell side is down by -26.8%, the buy/sell ratio is 0.58, sell pressure is real, and price has broken below the lower bound of the last ~20 five-minute candles.
The funding rate is still in the high percentile range recently, which suggests longs were crowded earlier. Given this price action, at its core it’s a leverage washout. In the last 24 hours, trading value was $353 million—liquidity isn’t lacking; it just depends on when this deleveraging wave stops.
Don’t chase longs yet. Wait until OI stabilizes before acting.
This doesn’t look like fresh shorts entering; it’s more like longs can’t hold up and are pulling back themselves. Aggressive volume traded on the buy/sell side is down by -26.8%, the buy/sell ratio is 0.58, sell pressure is real, and price has broken below the lower bound of the last ~20 five-minute candles.
The funding rate is still in the high percentile range recently, which suggests longs were crowded earlier. Given this price action, at its core it’s a leverage washout. In the last 24 hours, trading value was $353 million—liquidity isn’t lacking; it just depends on when this deleveraging wave stops.
Don’t chase longs yet. Wait until OI stabilizes before acting.
