$COLLECT This drop was pretty brutal: down 3.3% in just 15 minutes, with volume surging to 2.24x. This clearly isn't an ordinary pullback.
OI fell 4.41% over the past hour, shedding 650K U in notional value, and also continued to contract over 15 minutes. Price down + OI down—that's a classic long deleveraging move, with stop-losses getting triggered, not new shorts piling in to drive the price down.
The taker buy/sell delta was -10.5%, and the buy/sell ratio was 0.81, indicating that selling pressure is in control. The OI anomaly percentile is 94.8%, ranking #17 across the entire pool. This has persisted for several consecutive periods, and depth has confirmed it.
With this kind of setup, I generally wouldn't rush to buy the dip. The longs haven't been fully flushed out yet. I'll wait for OI to stabilize and the taker delta to narrow before taking another look. $COLLECT
OI fell 4.41% over the past hour, shedding 650K U in notional value, and also continued to contract over 15 minutes. Price down + OI down—that's a classic long deleveraging move, with stop-losses getting triggered, not new shorts piling in to drive the price down.
The taker buy/sell delta was -10.5%, and the buy/sell ratio was 0.81, indicating that selling pressure is in control. The OI anomaly percentile is 94.8%, ranking #17 across the entire pool. This has persisted for several consecutive periods, and depth has confirmed it.
With this kind of setup, I generally wouldn't rush to buy the dip. The longs haven't been fully flushed out yet. I'll wait for OI to stabilize and the taker delta to narrow before taking another look. $COLLECT
