$ALICE This drop is pretty decisive—within 15 minutes it slumped 2.9%. Volume surged to 3.55x; clearly not something retail traders are playing with.
OI fell 7% in an hour. On a notional basis, nearly 680k U was cut. On the contracts side, longs are withdrawing and leverage is being unwound. The funding rate is still high in the percentile band, and active buy/sell is at 0.55; sell pressure is quite aggressive.
Price has already broken below the lower bound of the last 20 of the 5m trend, and depth confirmation is also in place. This structure looks more like longs deleveraging rather than new shorts entering.
In the past 24 hours, turnover is still 119 million (USD equivalent), so liquidity isn’t bad. But chasing shorts from this level needs caution—since OI has already leaked through a round, it’s not like the very beginning of the drop. Wait and see whether there are signs of stabilization.
OI fell 7% in an hour. On a notional basis, nearly 680k U was cut. On the contracts side, longs are withdrawing and leverage is being unwound. The funding rate is still high in the percentile band, and active buy/sell is at 0.55; sell pressure is quite aggressive.
Price has already broken below the lower bound of the last 20 of the 5m trend, and depth confirmation is also in place. This structure looks more like longs deleveraging rather than new shorts entering.
In the past 24 hours, turnover is still 119 million (USD equivalent), so liquidity isn’t bad. But chasing shorts from this level needs caution—since OI has already leaked through a round, it’s not like the very beginning of the drop. Wait and see whether there are signs of stabilization.