ENS this pullback isn’t that violent—15m is only -1.06%, but the underlying stuff looks much uglier than the price.
OI on 15m dropped straight by 3.94%, and 1h is down 3.28%; the nominal changes are -256K / -236K. Price is falling while OI is shrinking—this isn’t typically new shorts entering. It’s longs exiting, stopping out, and deleveraging. Abnormal Pool #2 for the whole market: the OI abnormal percentile is 100%. How extreme this reading is doesn’t need me to spell it out.
Even more eye-catching is the active trade imbalance: -35.6%, with the buy/sell ratio at 0.47. The traded volume is 14.49x higher, and the direction of the dumping is fairly consistent. The funding rate is still at a high percentile recently—this is the chain reaction after leverage bunches up. When funding is high, nobody believes it will drop; but once it does, everyone runs faster than anyone else.
Across several consecutive cycles it keeps extending, and the order book depth has confirmed it as well. This isn’t just one “needle”—positions are actually contracting in a concrete way. ENS at this spot was already near the historical extreme range. Now longs are being forced out. I’d like to see whether it gets washed and comes back, or whether it keeps dropping and flushes out liquidity. I’ll watch for now—I won’t take the trade.
OI on 15m dropped straight by 3.94%, and 1h is down 3.28%; the nominal changes are -256K / -236K. Price is falling while OI is shrinking—this isn’t typically new shorts entering. It’s longs exiting, stopping out, and deleveraging. Abnormal Pool #2 for the whole market: the OI abnormal percentile is 100%. How extreme this reading is doesn’t need me to spell it out.
Even more eye-catching is the active trade imbalance: -35.6%, with the buy/sell ratio at 0.47. The traded volume is 14.49x higher, and the direction of the dumping is fairly consistent. The funding rate is still at a high percentile recently—this is the chain reaction after leverage bunches up. When funding is high, nobody believes it will drop; but once it does, everyone runs faster than anyone else.
Across several consecutive cycles it keeps extending, and the order book depth has confirmed it as well. This isn’t just one “needle”—positions are actually contracting in a concrete way. ENS at this spot was already near the historical extreme range. Now longs are being forced out. I’d like to see whether it gets washed and comes back, or whether it keeps dropping and flushes out liquidity. I’ll watch for now—I won’t take the trade.