$ALLO This wave of longs deleveraging is a bit brutal.
On the 15m timeframe, it directly dumped -6.8%. Volume was 2.36x, and OI (open interest) dropped in sync by 2.5%+. Notional decreased by 1.28M. Price fell while OI fell too—this is a typical long liquidation/position contraction, not the kind of dumping done by freshly entering shorts.
Funding rates are still in the high percentile recently. OI abnormality pushed up to the 100% percentile—ranked #2 for the whole pool—and this has been for several consecutive periods. In this kind of spot, long crowding is extremely high; once you nudge it slightly, it turns into a cascade.
24h turnover is 37M. The buy/sell ratio from aggressive trades is 0.97, and aggressive execution is down -1.4%. Selling pressure isn’t especially fierce, but nobody is picking it up. After checking the order book, volume is there, anomalies are there, and the timeframe alignment is there.
Don’t rush to bottom-fish while the long deleveraging hasn’t finished. Wait for OI to stabilize first, then reassess.
On the 15m timeframe, it directly dumped -6.8%. Volume was 2.36x, and OI (open interest) dropped in sync by 2.5%+. Notional decreased by 1.28M. Price fell while OI fell too—this is a typical long liquidation/position contraction, not the kind of dumping done by freshly entering shorts.
Funding rates are still in the high percentile recently. OI abnormality pushed up to the 100% percentile—ranked #2 for the whole pool—and this has been for several consecutive periods. In this kind of spot, long crowding is extremely high; once you nudge it slightly, it turns into a cascade.
24h turnover is 37M. The buy/sell ratio from aggressive trades is 0.97, and aggressive execution is down -1.4%. Selling pressure isn’t especially fierce, but nobody is picking it up. After checking the order book, volume is there, anomalies are there, and the timeframe alignment is there.
Don’t rush to bottom-fish while the long deleveraging hasn’t finished. Wait for OI to stabilize first, then reassess.
