$SKL This drop doesn’t look too bad—the bad part is that nobody’s stepping in to buy.
In 15m, price dumped 2.28%. Volume hit 5x normal, but OI fell alongside it—the 1h futures open interest shrank 3.18%, with notional value down $170K. This doesn’t look like new shorts entering; it looks more like longs tripping over themselves, with stop-losses getting swept one layer at a time.
The buy/sell ratio is 0.45, and the aggressive trade delta is -37.8%—the order book is clearly skewed toward sellers. Price has already broken below the lows of nearly 20 consecutive 5m candles, so the short-term structure is broken.
A deleveraging-driven drop like this can also rebound quickly, but first we need to see OI stabilize. It’s still contracting, so don’t rush to buy the dip.
In 15m, price dumped 2.28%. Volume hit 5x normal, but OI fell alongside it—the 1h futures open interest shrank 3.18%, with notional value down $170K. This doesn’t look like new shorts entering; it looks more like longs tripping over themselves, with stop-losses getting swept one layer at a time.
The buy/sell ratio is 0.45, and the aggressive trade delta is -37.8%—the order book is clearly skewed toward sellers. Price has already broken below the lows of nearly 20 consecutive 5m candles, so the short-term structure is broken.
A deleveraging-driven drop like this can also rebound quickly, but first we need to see OI stabilize. It’s still contracting, so don’t rush to buy the dip.