$MEGA This drop doesn’t feel like a typical pullback.
On the 15m chart, it dumped directly by 4.11%. Volume surged to 3.23x the norm, and the price closed outside the lower edge of the most recent ~20 5m candles. Aggressive order flow was -20.7%, the buy/sell ratio was 0.66, and sell pressure is truly tangible.
What I’m really concerned about is the OI: -2.49% on 15m, -5.49% on 1h, with nominally more than 1M reduced. Price is down while open interest is also falling. This isn’t fresh shorting—it’s longs de-leveraging, stopping out, and contracting their positions. It’s at the extreme percentile (98%). Across the whole pool, it ranks 6th, and this has been continuing for several consecutive cycles.
The funding rate is still in a high percentile recently—back then, the long side was squeezed too crowded. This move now looks more like being forcibly cleared out rather than a re-pricing of the trend.
Once it breaks below the lower bound of the range, first watch when this de-leveraging process stops. OI isn’t just falling—any rebounds are fake too.
On the 15m chart, it dumped directly by 4.11%. Volume surged to 3.23x the norm, and the price closed outside the lower edge of the most recent ~20 5m candles. Aggressive order flow was -20.7%, the buy/sell ratio was 0.66, and sell pressure is truly tangible.
What I’m really concerned about is the OI: -2.49% on 15m, -5.49% on 1h, with nominally more than 1M reduced. Price is down while open interest is also falling. This isn’t fresh shorting—it’s longs de-leveraging, stopping out, and contracting their positions. It’s at the extreme percentile (98%). Across the whole pool, it ranks 6th, and this has been continuing for several consecutive cycles.
The funding rate is still in a high percentile recently—back then, the long side was squeezed too crowded. This move now looks more like being forcibly cleared out rather than a re-pricing of the trend.
Once it breaks below the lower bound of the range, first watch when this de-leveraging process stops. OI isn’t just falling—any rebounds are fake too.