$ARK This drop isn’t just about the price—it’s a collective retreat by the longs.
In 15m, the market directly dumped by 2.55%. Trading volume surged to 2.21x, and the aggressive buy/sell ratio is 0.59—sellers have complete control. More importantly is OI: both the 15m and 1h OI are moving downward in sync. The 1h OI has already shrunk by 2%, with a notional change of -168K. Price falls while OI drops—textbook long deleveraging. Liquidation stop orders come in wave after wave.
OI’s abnormal percentile reached 96.6%, ranking 10th across the whole pool. This level of abnormality isn’t something retail traders can produce. With multiple consecutive cycles showing continuation and depth confirming it as well, this doesn’t look like a wick—it’s a real contraction of positions.
In the past 24h, turnover is under 20 million, and the pool isn’t deep. Once deleveraging kicks in, it’s easy to get a stampede. Now chasing shorts isn’t a great cost-effectiveness choice, but bottom-picking also has to wait—the longs haven’t finished getting washed out yet.
In 15m, the market directly dumped by 2.55%. Trading volume surged to 2.21x, and the aggressive buy/sell ratio is 0.59—sellers have complete control. More importantly is OI: both the 15m and 1h OI are moving downward in sync. The 1h OI has already shrunk by 2%, with a notional change of -168K. Price falls while OI drops—textbook long deleveraging. Liquidation stop orders come in wave after wave.
OI’s abnormal percentile reached 96.6%, ranking 10th across the whole pool. This level of abnormality isn’t something retail traders can produce. With multiple consecutive cycles showing continuation and depth confirming it as well, this doesn’t look like a wick—it’s a real contraction of positions.
In the past 24h, turnover is under 20 million, and the pool isn’t deep. Once deleveraging kicks in, it’s easy to get a stampede. Now chasing shorts isn’t a great cost-effectiveness choice, but bottom-picking also has to wait—the longs haven’t finished getting washed out yet.
