This 15m move with $MET , down 2.6%—that’s not the scariest part. What’s really scary is how fast the OI is shrinking. The 15m OI is -0.85%, the 1h is -1.19%. Nominally, it’s lost three or four hundred thousand U. The anomaly percentile is already at 99.2%, the second-highest in the whole pool. This doesn’t look like brand-new shorts rushing in to smash the price—it looks more like longs are being forced down to deleverage, with stop-losses getting triggered one after another.
Price has already broken below the lower bound of the past ~20 five-minute candles. Passive-to-active execution is worse: active turnover is down -46.8%, the buy/sell ratio is 0.36, and sell orders are clearly dominating. Volume is 2.24x, Z is 3.14. The depth has been confirmed—not a wick.
In this kind of structure, I generally wouldn’t rush to buy the dip. OI falling together with price declining suggests positions are being reduced—not that shorts are adding aggressively. But it also doesn’t mean an immediate rebound. Wait until OI stabilizes and active buying returns. If you enter now, you might catch it in the middle of the deleveraging slope.
Price has already broken below the lower bound of the past ~20 five-minute candles. Passive-to-active execution is worse: active turnover is down -46.8%, the buy/sell ratio is 0.36, and sell orders are clearly dominating. Volume is 2.24x, Z is 3.14. The depth has been confirmed—not a wick.
In this kind of structure, I generally wouldn’t rush to buy the dip. OI falling together with price declining suggests positions are being reduced—not that shorts are adding aggressively. But it also doesn’t mean an immediate rebound. Wait until OI stabilizes and active buying returns. If you enter now, you might catch it in the middle of the deleveraging slope.