$RLC This drop is pretty brutal.
It plunged 6.72% in just 15 minutes, with volume surging to 3.29 times its usual level—clearly not ordinary volatility.
The key thing to watch is OI: open interest in 1-hour contracts fell nearly 8%, down by more than 4 million U in notional value. Price down + OI down doesn’t point to new shorts entering; it looks more like longs getting liquidated or actively cutting losses and deleveraging. The funding rate is still near the upper end of its recent range, so longs really were overcrowded before.
It has already closed below the low of the last 20 or so 5-minute candles, and the aggressive buy/sell ratio is 0.78, showing that selling pressure is dominant. 24-hour trading volume is 630 million U, putting it among the most abnormal assets in the pool.
With this kind of setup, don’t rush to buy the dip in the short term. Until deleveraging is over, rallies are likely to get capped. Wait for OI to stabilize before reassessing.
It plunged 6.72% in just 15 minutes, with volume surging to 3.29 times its usual level—clearly not ordinary volatility.
The key thing to watch is OI: open interest in 1-hour contracts fell nearly 8%, down by more than 4 million U in notional value. Price down + OI down doesn’t point to new shorts entering; it looks more like longs getting liquidated or actively cutting losses and deleveraging. The funding rate is still near the upper end of its recent range, so longs really were overcrowded before.
It has already closed below the low of the last 20 or so 5-minute candles, and the aggressive buy/sell ratio is 0.78, showing that selling pressure is dominant. 24-hour trading volume is 630 million U, putting it among the most abnormal assets in the pool.
With this kind of setup, don’t rush to buy the dip in the short term. Until deleveraging is over, rallies are likely to get capped. Wait for OI to stabilize before reassessing.