$SCR This 15-minute move directly dumped almost 6 points. The volume was put out at 1.5x, and OI fell in sync by 4%, with notional down by 370k U.
What’s the typical one? Deleveraging by longs. It wasn’t new shorts entering to pressure the market—longs inside the market themselves couldn’t take it and reduced positions. Net active buying vs. selling was 0.88; active sells were slightly ahead, but there wasn’t that kind of panic-driven liquidation.
What’s interesting is that the OI abnormal percentile reached 99.4%, the second-highest in the whole pool. When this data came out, I froze a bit—SCR’s liquidity is usually just so-so, with only 24h trading value of $41M. This level of abnormality shouldn’t normally land on it.
But the funding rate is still hanging around recent highs. That means before the dump, longs were crowded and paying; then they got washed out.
The 1h OI is still slightly positive, which suggests someone is taking positions at this level. I can’t tell whether it’s bargain-hunting or hedging, but in this kind of structure I wouldn’t rush to chase a rebound. Wait for OI to stabilize first.
What’s the typical one? Deleveraging by longs. It wasn’t new shorts entering to pressure the market—longs inside the market themselves couldn’t take it and reduced positions. Net active buying vs. selling was 0.88; active sells were slightly ahead, but there wasn’t that kind of panic-driven liquidation.
What’s interesting is that the OI abnormal percentile reached 99.4%, the second-highest in the whole pool. When this data came out, I froze a bit—SCR’s liquidity is usually just so-so, with only 24h trading value of $41M. This level of abnormality shouldn’t normally land on it.
But the funding rate is still hanging around recent highs. That means before the dump, longs were crowded and paying; then they got washed out.
The 1h OI is still slightly positive, which suggests someone is taking positions at this level. I can’t tell whether it’s bargain-hunting or hedging, but in this kind of structure I wouldn’t rush to chase a rebound. Wait for OI to stabilize first.