$CTSI This feels a little familiar—the price is falling, and OI is dropping along with it. These aren’t new shorts entering; longs are getting forced out. 15m volume surged to 4.2×, the taker buy/sell delta was -19.3%, and the buy/sell ratio was 0.68. The direction is pretty clear.
OI fell 3.4% over 1h, down 364K in notional terms. This has been going on for several consecutive periods, with an anomaly percentile of 93.3%, ranking #13 across the entire pool. This isn’t a market showing scattered retail stop-losses; leverage is contracting systematically. The funding rate is still in a high percentile relative to recent levels—which means a lot of people were crowded in before, and now they’re being squeezed out.
With this kind of setup, the drop itself isn’t the problem; it’s that positions are still shrinking as the price falls. Until deleveraging is over, any rebound is likely just a chance to catch your breath. Watching for OI to stop falling is more useful than watching the price.
OI fell 3.4% over 1h, down 364K in notional terms. This has been going on for several consecutive periods, with an anomaly percentile of 93.3%, ranking #13 across the entire pool. This isn’t a market showing scattered retail stop-losses; leverage is contracting systematically. The funding rate is still in a high percentile relative to recent levels—which means a lot of people were crowded in before, and now they’re being squeezed out.
With this kind of setup, the drop itself isn’t the problem; it’s that positions are still shrinking as the price falls. Until deleveraging is over, any rebound is likely just a chance to catch your breath. Watching for OI to stop falling is more useful than watching the price.