$NEAR This dip isn't that heavy, but the taste is off. In the 15m, volume gets smashed to 2.29x; price breaks below the lows of nearly 20 consecutive 5m candles. Active trades are down -7.4%, buy/sell ratio is 0.86—selling pressure is there as it comes out, but it’s not the kind of panic-style liquidation and dump.
The key is OI. In the 15m, OI drops 0.17%; in the 1h, it drops 0.52%. Notional has fallen by nearly 7 million U. Price down + OI down means this isn’t new shorts entering—it looks more like longs are deleveraging, stops are being swept, or positions are actively shrinking. The abnormal percentile is 88.1%. The whole-pool notional change ranks #2, and several consecutive cycles are continuing—this doesn’t look like just a single needle move.
In the past 24h, trading volume is still 860 million, and liquidity depth is fine. But after breaking below the lower bound of the range, if OI keeps falling, the fuel for a rebound will be getting less and less. I’ll first see whether this segment can clear the leverage completely, then we’ll talk.
The key is OI. In the 15m, OI drops 0.17%; in the 1h, it drops 0.52%. Notional has fallen by nearly 7 million U. Price down + OI down means this isn’t new shorts entering—it looks more like longs are deleveraging, stops are being swept, or positions are actively shrinking. The abnormal percentile is 88.1%. The whole-pool notional change ranks #2, and several consecutive cycles are continuing—this doesn’t look like just a single needle move.
In the past 24h, trading volume is still 860 million, and liquidity depth is fine. But after breaking below the lower bound of the range, if OI keeps falling, the fuel for a rebound will be getting less and less. I’ll first see whether this segment can clear the leverage completely, then we’ll talk.
