$OP This needle is a bit ruthless.
In 15m, it went straight in and moved by +1.3%. Volume surged to 3.9x the normal level. The buy/sell ratio was 0.54, with sell orders pressing down. But the key isn’t the price—it's the OI.
In 15m, contract open interest dropped by 2.47%. Notional value of 788K was wiped out directly. In 1h it’s also shrinking. Price is down, OI is down—this isn’t new shorts entering; it’s longs running.
Whether it’s cutting losses or actively trimming—either way, the chips are being withdrawn.
OI abnormal percentile is 99.4%, ranking second in the whole pool. In situations at this level of deleveraging, it usually means leveraged capital has been cornered.
In 24h, trading value is only 60M, and liquidity is already thin. The unwind here likely comes with significant slippage.
Don’t try to bottom-fish. Wait until it’s flushed the leverage clean. When things like this happen, catching the knife may mean you’re taking someone else’s position that hasn’t fully blown up yet.
In 15m, it went straight in and moved by +1.3%. Volume surged to 3.9x the normal level. The buy/sell ratio was 0.54, with sell orders pressing down. But the key isn’t the price—it's the OI.
In 15m, contract open interest dropped by 2.47%. Notional value of 788K was wiped out directly. In 1h it’s also shrinking. Price is down, OI is down—this isn’t new shorts entering; it’s longs running.
Whether it’s cutting losses or actively trimming—either way, the chips are being withdrawn.
OI abnormal percentile is 99.4%, ranking second in the whole pool. In situations at this level of deleveraging, it usually means leveraged capital has been cornered.
In 24h, trading value is only 60M, and liquidity is already thin. The unwind here likely comes with significant slippage.
Don’t try to bottom-fish. Wait until it’s flushed the leverage clean. When things like this happen, catching the knife may mean you’re taking someone else’s position that hasn’t fully blown up yet.
