$MON These 15 minutes feel a bit off.
The price is down 1%. That doesn’t sound like much, but the volume is 1.9 times the norm. The aggressive trades are down 46.9% and the buy/sell ratio is 0.36. What does that mean? People who are smashing it are far more than those taking it, and it’s not like the small, scattered sell pressure you’d see from retail.
At the same time, OI is falling, and both the 15m and 1h are shrinking—nominally down by more than 400k U. Price down + OI down is a typical deleveraging pattern. This isn’t a “new shorts entering” move; it’s more like the longs can’t hold on anymore and are withdrawing, cutting losses.
It has just broken below the recent lower edge of about 20 5m candles. That means the short-term structure has effectively been breached. The funding rate is still in a high percentile recently. Earlier, the longs really did get crowded.
Over the last 24h, the turnover is 62M. Both abnormal activity and nominal changes are among the top in the pool. I’m not in a hurry to catch here. Wait for volume to contract further; then when the sell pressure from aggressive orders exhausts itself, we’ll reassess. Chasing short right now may not feel good—at the end of deleveraging, there are often pullbacks.
The price is down 1%. That doesn’t sound like much, but the volume is 1.9 times the norm. The aggressive trades are down 46.9% and the buy/sell ratio is 0.36. What does that mean? People who are smashing it are far more than those taking it, and it’s not like the small, scattered sell pressure you’d see from retail.
At the same time, OI is falling, and both the 15m and 1h are shrinking—nominally down by more than 400k U. Price down + OI down is a typical deleveraging pattern. This isn’t a “new shorts entering” move; it’s more like the longs can’t hold on anymore and are withdrawing, cutting losses.
It has just broken below the recent lower edge of about 20 5m candles. That means the short-term structure has effectively been breached. The funding rate is still in a high percentile recently. Earlier, the longs really did get crowded.
Over the last 24h, the turnover is 62M. Both abnormal activity and nominal changes are among the top in the pool. I’m not in a hurry to catch here. Wait for volume to contract further; then when the sell pressure from aggressive orders exhausts itself, we’ll reassess. Chasing short right now may not feel good—at the end of deleveraging, there are often pullbacks.