$ICP This drop is a bit too fast.
On the 15m timeframe, it directly fell -2.61%, with volume spiking to 4.23x; the volatility Z hit 3.87; aggressive trading imbalance is -29.5%, and the buy/sell ratio is 0.54—this isn’t a slow, grinding sell-off; it’s been a continuous smash into the sell wall.
As for OI: on 15m it’s -0.36%, on 1h -0.30%, with notional changes -1.07M / -1.30M. Price is down while OI is also down—classic long de-leveraging / liquidation cascade. The abnormal percentile is 99.2%, the whole pool #4, notional change #9. Funding rate is still in the higher percentile recently—before it was overcrowded with longs, now it’s just howlingly miserable.
By the close, it has already broken below the lower edge of the past ~20 consecutive 5m K candles, approaching its own historical extreme range. 24h turnover is 108M.
With this kind of structure, don’t rush to guess the bottom. OI hasn’t stopped falling yet, which suggests the de-leveraging chain reaction hasn’t finished. Wait for volume to contract alongside OI stabilizing, then we can talk about a rebound.
On the 15m timeframe, it directly fell -2.61%, with volume spiking to 4.23x; the volatility Z hit 3.87; aggressive trading imbalance is -29.5%, and the buy/sell ratio is 0.54—this isn’t a slow, grinding sell-off; it’s been a continuous smash into the sell wall.
As for OI: on 15m it’s -0.36%, on 1h -0.30%, with notional changes -1.07M / -1.30M. Price is down while OI is also down—classic long de-leveraging / liquidation cascade. The abnormal percentile is 99.2%, the whole pool #4, notional change #9. Funding rate is still in the higher percentile recently—before it was overcrowded with longs, now it’s just howlingly miserable.
By the close, it has already broken below the lower edge of the past ~20 consecutive 5m K candles, approaching its own historical extreme range. 24h turnover is 108M.
With this kind of structure, don’t rush to guess the bottom. OI hasn’t stopped falling yet, which suggests the de-leveraging chain reaction hasn’t finished. Wait for volume to contract alongside OI stabilizing, then we can talk about a rebound.