$QNT This 15m move directly dropped 3.54%. The trading volume looks like only about 1.26x, so it doesn’t feel especially panicky, but the OI is falling way too fast. The 15m contract is down 1.7%, and in 1h it’s already down 4.9%; the nominal value has run off by nearly 5M. This is pretty clear—bulls are withdrawing, not fresh shorts are entering. Passive/active trade imbalance: active volume difference is -12.2%, buy/sell ratio is 0.78, and sell pressure is dominating. But price is already pressing right up against the lower edge of the recent range.
The abnormal percentile for OI is 95.4%, ranking 3rd in the whole pool, and over several consecutive cycles it’s been shrinking. This structure looks more like bulls deleveraging and stop-losses getting swept, rather than a trend-driven short position building up. The 24h trading value is still about 1.4B, liquidity hasn’t collapsed, but positions are contracting.
At this level I won’t chase shorts—instead I’ll watch for any potential stop-fall/turning signals. The leverage washout seems to be pretty much done. If OI can stabilize, there may be a rebound and repair. But if it continues to break down on expanding volume, then we’ll see.
The abnormal percentile for OI is 95.4%, ranking 3rd in the whole pool, and over several consecutive cycles it’s been shrinking. This structure looks more like bulls deleveraging and stop-losses getting swept, rather than a trend-driven short position building up. The 24h trading value is still about 1.4B, liquidity hasn’t collapsed, but positions are contracting.
At this level I won’t chase shorts—instead I’ll watch for any potential stop-fall/turning signals. The leverage washout seems to be pretty much done. If OI can stabilize, there may be a rebound and repair. But if it continues to break down on expanding volume, then we’ll see.
