$ERA saw a sharp, decisive drop: down 2.16% in 15m, with volume at 3.46× and volatility Z at 2.45, indicating a high-volume sell-off. OI fell 5.52% over 15m and 5.03% over 1h, with notional changes of -382K and -419K—clear signs of long deleveraging. The taker trade imbalance was -30.5%, and the buy/sell ratio was 0.53, with selling pressure in control. The funding rate remains in a high percentile relative to recent levels; the OI anomaly percentile is 97.2%, ranking #10 across the entire pool. The pattern has persisted for several consecutive periods, and depth confirmation is also in place. Under this structure, long stop-losses and position reductions are probably not over yet. First, watch for OI to stop falling.