$MET : This round of long deleveraging is pretty brutal.
The 15m chart dropped 4.14% outright, with price and OI moving down in tandem. Open interest in 1h contracts is already down 2.28%, with notional value shrinking by 740K. This is a classic case of longs pulling out, not new shorts entering and driving the price down. Whether it's stop-losses or position reductions, leverage is being squeezed out.
The OI anomaly percentile has hit 99%, ranking #1 across the entire pool, while the notional change ranks #3. Funding rates are also at a recent high percentile. This pattern has persisted for several consecutive periods—the market was too crowded with longs, and now they're unwinding en masse.
The taker flow imbalance is -7.8%, and the buy/sell ratio is 0.85, with selling pressure still in control. 24h trading volume is 224M, so liquidity isn't too bad, but it can't absorb this kind of sustained deleveraging.
Don't rush to buy the dip in this situation. Until OI stabilizes, any bounce could easily be a fake-out.
The 15m chart dropped 4.14% outright, with price and OI moving down in tandem. Open interest in 1h contracts is already down 2.28%, with notional value shrinking by 740K. This is a classic case of longs pulling out, not new shorts entering and driving the price down. Whether it's stop-losses or position reductions, leverage is being squeezed out.
The OI anomaly percentile has hit 99%, ranking #1 across the entire pool, while the notional change ranks #3. Funding rates are also at a recent high percentile. This pattern has persisted for several consecutive periods—the market was too crowded with longs, and now they're unwinding en masse.
The taker flow imbalance is -7.8%, and the buy/sell ratio is 0.85, with selling pressure still in control. 24h trading volume is 224M, so liquidity isn't too bad, but it can't absorb this kind of sustained deleveraging.
Don't rush to buy the dip in this situation. Until OI stabilizes, any bounce could easily be a fake-out.