$GTC This drop is a bit brutal—within 15 minutes, it got smashed down by more than 5 points.
I checked the open interest: in the 15-minute window, OI fell by 2.11%. Notional shrank by about 500k U, but on the 1-hour timeframe, OI is still rising. This structure is quite typical—price down, open interest down; longs are deleveraging. A round of stop-loss orders got swept.
Active trade volume gap is -16.8%, buy/sell ratio is 0.71, and sell pressure is clearly stronger. Also, the OI abnormal percentile hits 97%—second highest in the whole pool. Across several consecutive cycles, this condition keeps continuing, which suggests this isn’t just retail traders fiddling around; someone is genuinely shrinking their position.
The 24h trading value is still 82 million U, so liquidity isn’t lacking. But in a tape like this where longs are being forced out, taking the knife still needs caution. Let’s wait and see when OI stabilizes before making a call.
I checked the open interest: in the 15-minute window, OI fell by 2.11%. Notional shrank by about 500k U, but on the 1-hour timeframe, OI is still rising. This structure is quite typical—price down, open interest down; longs are deleveraging. A round of stop-loss orders got swept.
Active trade volume gap is -16.8%, buy/sell ratio is 0.71, and sell pressure is clearly stronger. Also, the OI abnormal percentile hits 97%—second highest in the whole pool. Across several consecutive cycles, this condition keeps continuing, which suggests this isn’t just retail traders fiddling around; someone is genuinely shrinking their position.
The 24h trading value is still 82 million U, so liquidity isn’t lacking. But in a tape like this where longs are being forced out, taking the knife still needs caution. Let’s wait and see when OI stabilizes before making a call.