$LUNA2 This 15m move is a bit brutal. -5% paired with 119x volume—straight up turned my watchlist emotions to max. OI on 15m is -6.34%, nominal -482K. The data is clearly showing longs deleveraging; a wave of stop-loss positions got swept away. Entire pool is异常 #1, 98.4th percentile. At this kind of extreme level, it’s either the tail end of panic, or the prelude to continued liquidation. Active buy/sell is 0.75, with sell pressure taking the lead. On the 1h timeframe, OI also increased by 6.2%, indicating some capital is stepping in—but the nominal is still -271K, and both longs and shorts are contracting. 24h volume is 46M; liquidity is there. But the more liquidity there is, the smoother the deleveraging. I’m choosing to wait and observe first—I won’t catch a falling knife.