$CT has made a pretty sharp move here, up 5% in 15m, with volume running at more than 6 times its usual level.
But the structure is quite interesting on closer inspection: price is rising while 15m OI is actually down 2.36%. This is most likely not new longs entering, but rather shorts being forced to close. On top of that, the OI anomaly percentile has hit 97%, ranking #5 across the entire pool, and it’s stayed in the abnormal zone for several consecutive periods, so there’s solid confirmation of the move.
1h OI is still positive at +1.19%, which suggests positions are still gradually building when viewed over a longer timeframe—it’s not just a short-lived spike. The taker volume imbalance is only 0.4%, and the buy/sell ratio is 1.01, so buying pressure from those chasing the move is actually less intense than you might think.
24h trading volume is just over 35M, so the pool isn’t particularly large. When a move from here is driven by short covering, once that buying dries up, the key question is whether there’s genuine demand to support the price.
But the structure is quite interesting on closer inspection: price is rising while 15m OI is actually down 2.36%. This is most likely not new longs entering, but rather shorts being forced to close. On top of that, the OI anomaly percentile has hit 97%, ranking #5 across the entire pool, and it’s stayed in the abnormal zone for several consecutive periods, so there’s solid confirmation of the move.
1h OI is still positive at +1.19%, which suggests positions are still gradually building when viewed over a longer timeframe—it’s not just a short-lived spike. The taker volume imbalance is only 0.4%, and the buy/sell ratio is 1.01, so buying pressure from those chasing the move is actually less intense than you might think.
24h trading volume is just over 35M, so the pool isn’t particularly large. When a move from here is driven by short covering, once that buying dries up, the key question is whether there’s genuine demand to support the price.