$RLC The 15m selloff wasn’t particularly hard—just over -1%—but OI fell 3% along with it, reducing notional value by 620,000 U. That’s interesting. Price down + open interest down: a textbook short-term long deleveraging scenario, with stops being hit or traders actively reducing positions, rather than new shorts entering and pushing the price down.
OI is at the 93.8th percentile, ranking #11 across the entire pool, and the funding rate is still near its recent highs. Longs had been pretty crowded, and now some are starting to buckle. 24h trading volume is 250 million, and 15m volume is 1.71x average. This is a high-volume drop, not a slow bleed.
The active buy/sell ratio is 1.10, with a difference of +4.6%. There are still buyers stepping in, but they’re not particularly aggressive. The main risk with this setup is a second wave of stop-losses. If OI keeps falling, there could be another leg down. Keep an eye on it; no need to rush.
OI is at the 93.8th percentile, ranking #11 across the entire pool, and the funding rate is still near its recent highs. Longs had been pretty crowded, and now some are starting to buckle. 24h trading volume is 250 million, and 15m volume is 1.71x average. This is a high-volume drop, not a slow bleed.
The active buy/sell ratio is 1.10, with a difference of +4.6%. There are still buyers stepping in, but they’re not particularly aggressive. The main risk with this setup is a second wave of stop-losses. If OI keeps falling, there could be another leg down. Keep an eye on it; no need to rush.