$BR Set the price move aside for a moment and look at who’s adding positions and who’s pulling out.
15m price: -6.97%; open interest: -2.18%. This looks more like a pullback driven by position reduction: open interest has fallen noticeably, while the price remains weak. The futures market is still digesting positions built up earlier.
Aggressive buys account for 47.9%, so the active order flow isn’t particularly extreme. The funding rate is notably bearish, but continued short pressure comes at a cost.
Next, watch for positions being added again as prices fall. A decline without growing open interest looks more like positions being closed than a fresh short attack.
15m price: -6.97%; open interest: -2.18%. This looks more like a pullback driven by position reduction: open interest has fallen noticeably, while the price remains weak. The futures market is still digesting positions built up earlier.
Aggressive buys account for 47.9%, so the active order flow isn’t particularly extreme. The funding rate is notably bearish, but continued short pressure comes at a cost.
Next, watch for positions being added again as prices fall. A decline without growing open interest looks more like positions being closed than a fresh short attack.
