$WDC 1 hours down 2.2%, yet open interest surged 27%—the one being hammered is a new short position, not long liquidation!
Current price 417.35, 1 hour ago 426.76, 24h down 6.443%, high 465.56, low 415.21. 24h trading volume was 55.5495 million, open interest value 11.697 million. Trading volume in the last 1 hour is 6.15x the 24h hourly average; sell orders in the last 15 minutes are 1.62x the buy orders. Active buy/sell ratio is 0.616. Open interest value increased 27.04% in 1 hour; funding rate is 0.0594%, with longs paying.
With volume expanding, sell-side dominating, and open interest rising in sync, it suggests new shorts are entering to press prices lower, while longs are even paying extra funding to hold the line. The overcrowded side is prone to being pushed back. As long as it doesn’t break below the 24h low of 415.21, this downward pressure may still see repeats; once it regains 426.76 from 1 hour ago, the rhythm changes.
#WDC order book
Current price 417.35, 1 hour ago 426.76, 24h down 6.443%, high 465.56, low 415.21. 24h trading volume was 55.5495 million, open interest value 11.697 million. Trading volume in the last 1 hour is 6.15x the 24h hourly average; sell orders in the last 15 minutes are 1.62x the buy orders. Active buy/sell ratio is 0.616. Open interest value increased 27.04% in 1 hour; funding rate is 0.0594%, with longs paying.
With volume expanding, sell-side dominating, and open interest rising in sync, it suggests new shorts are entering to press prices lower, while longs are even paying extra funding to hold the line. The overcrowded side is prone to being pushed back. As long as it doesn’t break below the 24h low of 415.21, this downward pressure may still see repeats; once it regains 426.76 from 1 hour ago, the rhythm changes.
#WDC order book
