$PIXEL This drop is interesting.
The price fell 2.88% over 15m, but OI also dropped 2.39%, with notional open interest down by over 210,000 U. A classic long_unwind—not new shorts driving the sell-off, but longs pulling out on their own, either through stop-losses or position trimming. Aggressive trade delta was -20.1%, and the buy/sell ratio was 0.66, indicating that selling was more aggressive. But volume was only 0.94x and didn’t pick up, suggesting a position-contraction-driven decline rather than panic selling.
The funding rate is still in a high percentile relative to recent levels, and the OI anomaly percentile is 92.1%, ranking sixth across the entire pool. OI has fallen for several consecutive periods, and price has touched the boundary of its recent range. With this kind of setup, long deleveraging probably isn’t over yet.
Don’t rush to buy the dip. Wait for OI to stabilize first.
The price fell 2.88% over 15m, but OI also dropped 2.39%, with notional open interest down by over 210,000 U. A classic long_unwind—not new shorts driving the sell-off, but longs pulling out on their own, either through stop-losses or position trimming. Aggressive trade delta was -20.1%, and the buy/sell ratio was 0.66, indicating that selling was more aggressive. But volume was only 0.94x and didn’t pick up, suggesting a position-contraction-driven decline rather than panic selling.
The funding rate is still in a high percentile relative to recent levels, and the OI anomaly percentile is 92.1%, ranking sixth across the entire pool. OI has fallen for several consecutive periods, and price has touched the boundary of its recent range. With this kind of setup, long deleveraging probably isn’t over yet.
Don’t rush to buy the dip. Wait for OI to stabilize first.