ICP is showing an interesting move. It’s down 0.67% over 15 minutes, with volume surging to 4x and a buy/sell ratio of 0.43—aggressive selling pressure is heavy. More importantly, OI is falling, with notional value down 210K. This is classic deleveraging, not new shorts piling in to push the price down; longs are getting flushed out.
The price has broken below the lower end of the recent 20-candle 5-minute range, while the funding rate is still in a high recent percentile. That suggests longs had become pretty crowded, and are now starting to unwind. The all-pool anomaly percentile is 89.3%, and the pattern has persisted for several periods—this kind of setup usually doesn’t end all at once.
24-hour trading volume of 28M isn’t particularly high, so liquidity can be pushed around easily. First, let’s see if the price can hold here. If it can’t, another wave of cascading stop-losses could follow below.
The price has broken below the lower end of the recent 20-candle 5-minute range, while the funding rate is still in a high recent percentile. That suggests longs had become pretty crowded, and are now starting to unwind. The all-pool anomaly percentile is 89.3%, and the pattern has persisted for several periods—this kind of setup usually doesn’t end all at once.
24-hour trading volume of 28M isn’t particularly high, so liquidity can be pushed around easily. First, let’s see if the price can hold here. If it can’t, another wave of cascading stop-losses could follow below.