AAVE pulled this off pretty decisively: in 15 minutes it jumped +1.91% straight away. Volume surged to 4.72x, and at the close it even pierced through the upper edge of the past nearly 20 5-minute candles. The gap in active volume is 10.2%, with a buy/sell ratio of 1.23—buy-side willingness on the order book is clearly stronger.
But there’s one detail worth keeping an eye on: while price is rising, OI is actually falling—15m -1.00%, 1h -0.90%, and yet the nominal change is positive. This structure looks more like short covering or passive deleveraging that’s pushing the move, rather than large-scale fresh longs piling in. The abnormal percentile of OI has already reached 91.9%, ranking #33 across the entire pool, meaning this round of abnormal activity is also relatively high within the whole pool.
Funding rates have been in high percentiles recently as well. Combined with trade volume being higher than usual and several consecutive cycles continuing, short-term sentiment really has been ignited. 24h trading value is 118M—liquidity is sufficient—but the next thing to watch is whether, after the covering momentum runs out, there is real incremental capital that can take and hold this level. If you chase the move, position sizing matters more than direction.
But there’s one detail worth keeping an eye on: while price is rising, OI is actually falling—15m -1.00%, 1h -0.90%, and yet the nominal change is positive. This structure looks more like short covering or passive deleveraging that’s pushing the move, rather than large-scale fresh longs piling in. The abnormal percentile of OI has already reached 91.9%, ranking #33 across the entire pool, meaning this round of abnormal activity is also relatively high within the whole pool.
Funding rates have been in high percentiles recently as well. Combined with trade volume being higher than usual and several consecutive cycles continuing, short-term sentiment really has been ignited. 24h trading value is 118M—liquidity is sufficient—but the next thing to watch is whether, after the covering momentum runs out, there is real incremental capital that can take and hold this level. If you chase the move, position sizing matters more than direction.