SKL This wave is a bit too quiet, making people uneasy.
The price on 15m is down 1.5%, and volume is only 0.38x, but the OI has been dropping for two consecutive periods—15m -1.6%, 1h -1.73%. The notional has decreased by nearly 200k U. This doesn’t look like fresh shorts entering to smash the market. It’s more like longs pulling their own ladder back and getting stopped out as their stop losses get swept.
Funding rates are still in the high percentile recently, yet positions have already run first. Active trade imbalance is -4.3%, the buy/sell ratio is 0.92, and whoever is taking the orders isn’t very aggressive.
Abnormal in the whole pool #14, and notional change on the contract side #60. Structurally, it’s a classic long deleveraging. No one is calling trades, and no one is panicking—positions are just shrinking little by little. In this kind of situation, don’t rush to copycat a trade. Wait for the OI to stabilize first.
The price on 15m is down 1.5%, and volume is only 0.38x, but the OI has been dropping for two consecutive periods—15m -1.6%, 1h -1.73%. The notional has decreased by nearly 200k U. This doesn’t look like fresh shorts entering to smash the market. It’s more like longs pulling their own ladder back and getting stopped out as their stop losses get swept.
Funding rates are still in the high percentile recently, yet positions have already run first. Active trade imbalance is -4.3%, the buy/sell ratio is 0.92, and whoever is taking the orders isn’t very aggressive.
Abnormal in the whole pool #14, and notional change on the contract side #60. Structurally, it’s a classic long deleveraging. No one is calling trades, and no one is panicking—positions are just shrinking little by little. In this kind of situation, don’t rush to copycat a trade. Wait for the OI to stabilize first.