$ZAMA This spot is a bit interesting.
In the 15m timeframe, there was a high-volume sell-off: volume was three times the usual, and price directly broke below the lower edge of about 20 of the 5m candles. Active trade imbalance was -38.9%, and the buy/sell ratio was 0.44—sell pressure clearly dominated.
But what’s really worth watching is the OI: in 15m it was -0.31%, and in the 1h timeframe the nominal change continues to contract. This doesn’t look like new shorts piling in; it feels more like longs can’t hold up anymore as they deleverage, get stopped out, and reduce their positions. The OI percentile is unusually high—97.6%—and the whole-pool abnormality is #10, indicating this move isn’t a small matter within the pool.
Funding rates are still in the high percentile recently. On one side, longs are being flushed out; on the other, funding hasn’t come down yet. With this kind of structure, the short term is prone to a wave of emotion/pressure release.
ZAMA at this level isn’t being quiet—it’s making a choice. After a breakdown, whether it can quickly reclaim the level is the most crucial signal ahead. If it can’t get back, then that’s a different story.
In the 15m timeframe, there was a high-volume sell-off: volume was three times the usual, and price directly broke below the lower edge of about 20 of the 5m candles. Active trade imbalance was -38.9%, and the buy/sell ratio was 0.44—sell pressure clearly dominated.
But what’s really worth watching is the OI: in 15m it was -0.31%, and in the 1h timeframe the nominal change continues to contract. This doesn’t look like new shorts piling in; it feels more like longs can’t hold up anymore as they deleverage, get stopped out, and reduce their positions. The OI percentile is unusually high—97.6%—and the whole-pool abnormality is #10, indicating this move isn’t a small matter within the pool.
Funding rates are still in the high percentile recently. On one side, longs are being flushed out; on the other, funding hasn’t come down yet. With this kind of structure, the short term is prone to a wave of emotion/pressure release.
ZAMA at this level isn’t being quiet—it’s making a choice. After a breakdown, whether it can quickly reclaim the level is the most crucial signal ahead. If it can’t get back, then that’s a different story.
