$MET This move has something to it. It gained 3% in 15m, with volume surging to 2.1x. The key point is that OI jumped 14.5% in an hour, with over $5M in notional flowing in—this isn't short covering; it's genuinely new leveraged longs entering the market.
The funding rate has climbed to a high percentile for recent periods, and the OI anomaly is at the 96.2nd percentile, ranking 7th across the whole pool. This has continued for several consecutive periods, and volume confirms it too—not one of those fake moves where a single candle spikes and that's it.
The taker buy-sell imbalance is only 0.5%, and the buy/sell ratio is 1.01, which suggests we're not yet at the kind of extreme FOMO-driven scramble for positions. Longs are building their positions steadily. 24h trading volume is $364 million, so liquidity is adequate.
It's approaching historically extreme levels. From here, it could either accelerate into another leg up or get hit by a backlash from excessive leverage. I'll keep an eye on it for now and won't rush to chase.
The funding rate has climbed to a high percentile for recent periods, and the OI anomaly is at the 96.2nd percentile, ranking 7th across the whole pool. This has continued for several consecutive periods, and volume confirms it too—not one of those fake moves where a single candle spikes and that's it.
The taker buy-sell imbalance is only 0.5%, and the buy/sell ratio is 1.01, which suggests we're not yet at the kind of extreme FOMO-driven scramble for positions. Longs are building their positions steadily. 24h trading volume is $364 million, so liquidity is adequate.
It's approaching historically extreme levels. From here, it could either accelerate into another leg up or get hit by a backlash from excessive leverage. I'll keep an eye on it for now and won't rush to chase.