$FIL This sell-off looks pretty “clean”: price broke below the lower boundary, but OI is also falling, so this isn’t aggressive short buildup—it looks more like longs are closing out. 15m volume rose to 2.48x, and the taker buy/sell ratio is 0.61, indicating more aggressive selling, but there’s no sign of new shorts entering. Those who chased longs earlier are probably getting stopped out or deleveraging. The anomaly percentile across the whole pool is 90.9%; OI has been falling for several consecutive periods, and 1h notional has dropped by 1.7M. The upside of this setup is that there’s no counterparty aggressively dumping into the market; the downside is that there are no buyers stepping in. First, watch whether price can reclaim the lower boundary of the 5m range. If it can’t, wait for volume to contract.