$ETH This push is a bit too fast—on the 15m chart it jumped straight +0.83%. Volume hit about 3.18x normal, and volatility (Z) rose to 2.36.
But the interesting part is that the OI didn’t follow. The 15m contracts are -0.06%, with notional only +44.55M; the 1h trend is just +0.10%, notional +44.33M. Prices are moving up while positions are actually shrinking—this feels more like short covering rather than brand-new long entry. Plus, the aggressive buy/sell ratio is 1.26, and the trade imbalance is +11.4%—the buy side really is more proactive. Even the 5m Binance liquidations—610K—are clustered toward the buy direction, meaning shorts are being forced to cover.
The abnormal percentile is 95.6%, whole pool #10, with notional change for #2 continuing through several consecutive periods. 24h trading value is 10550.66M. I’m not going to chase it at this position—I’m already at the edge of the extreme zone. I’ll wait for it to pull back and confirm before saying anything.
A squeeze can easily push higher, but it can also unwind just as easily.
But the interesting part is that the OI didn’t follow. The 15m contracts are -0.06%, with notional only +44.55M; the 1h trend is just +0.10%, notional +44.33M. Prices are moving up while positions are actually shrinking—this feels more like short covering rather than brand-new long entry. Plus, the aggressive buy/sell ratio is 1.26, and the trade imbalance is +11.4%—the buy side really is more proactive. Even the 5m Binance liquidations—610K—are clustered toward the buy direction, meaning shorts are being forced to cover.
The abnormal percentile is 95.6%, whole pool #10, with notional change for #2 continuing through several consecutive periods. 24h trading value is 10550.66M. I’m not going to chase it at this position—I’m already at the edge of the extreme zone. I’ll wait for it to pull back and confirm before saying anything.
A squeeze can easily push higher, but it can also unwind just as easily.