LINK This move is a bit interesting.
In 15m, volume surged 3.5x directly, yet the price only fell 0.72%, and the close is still below the lower bound of the last ~20 5m candles. On the surface the drawdown looks small, but active trading volume is down -40.8%, and the buy/sell ratio is 0.42—clearly someone is hitting the sell side.
More importantly, OI is declining. In 15m it’s -0.41%, and in 1h it’s -0.67%. Nominally it’s down more than 2 million U. Price is down while OI is down—this doesn’t look like new shorts entering; it feels more like longs deleveraging, stop-losses being swept, or positions being reduced.
The abnormal percentile is 91.7%, the whole pool is #5, and the nominal change is #4. Funding rate is still in a high percentile recently—this mix is quite subtle. High funding implies longs were crowded beforehand. Now this selloff, together with OI shrinking, looks like the crowded longs are being forced into passive de-leveraging.
24h trading volume is 267 million, and the depth is sufficient, so this breakdown wasn’t created by a liquidity gap—it’s real volume pushing.
First, watch whether this lower bound of the range can be quickly reclaimed. If it can’t, deleveraging may not be over yet.
In 15m, volume surged 3.5x directly, yet the price only fell 0.72%, and the close is still below the lower bound of the last ~20 5m candles. On the surface the drawdown looks small, but active trading volume is down -40.8%, and the buy/sell ratio is 0.42—clearly someone is hitting the sell side.
More importantly, OI is declining. In 15m it’s -0.41%, and in 1h it’s -0.67%. Nominally it’s down more than 2 million U. Price is down while OI is down—this doesn’t look like new shorts entering; it feels more like longs deleveraging, stop-losses being swept, or positions being reduced.
The abnormal percentile is 91.7%, the whole pool is #5, and the nominal change is #4. Funding rate is still in a high percentile recently—this mix is quite subtle. High funding implies longs were crowded beforehand. Now this selloff, together with OI shrinking, looks like the crowded longs are being forced into passive de-leveraging.
24h trading volume is 267 million, and the depth is sufficient, so this breakdown wasn’t created by a liquidity gap—it’s real volume pushing.
First, watch whether this lower bound of the range can be quickly reclaimed. If it can’t, deleveraging may not be over yet.
