$CKB This rally doesn’t look like new longs entering.
It’s up 4.44% over 15m, with volume hitting 4.56x, but OI is falling—in 15m, contract OI is down 1.58%, notional is down 258K, and 1h notional is also down 202K. Price up, open interest down: a classic short-covering move, not fresh money coming in to open longs.
The anomaly percentile is 94.4%, ranking #9 across the whole pool, and it’s persisted over multiple consecutive periods. The funding rate has also climbed to a recent high percentile. The active trade imbalance is -0.8%, and the buy/sell ratio is 0.98, suggesting that aggressive buying is actually modest. It looks more like passive short covering is pushing the price up.
With this kind of setup, I’d watch it closely but wouldn’t rush to chase. Short-covering rallies can move fast, but once the covering is done, if follow-through money doesn’t show up, the price can retrace all the way back. I’d wait for OI to pick up again before making a move.
It’s up 4.44% over 15m, with volume hitting 4.56x, but OI is falling—in 15m, contract OI is down 1.58%, notional is down 258K, and 1h notional is also down 202K. Price up, open interest down: a classic short-covering move, not fresh money coming in to open longs.
The anomaly percentile is 94.4%, ranking #9 across the whole pool, and it’s persisted over multiple consecutive periods. The funding rate has also climbed to a recent high percentile. The active trade imbalance is -0.8%, and the buy/sell ratio is 0.98, suggesting that aggressive buying is actually modest. It looks more like passive short covering is pushing the price up.
With this kind of setup, I’d watch it closely but wouldn’t rush to chase. Short-covering rallies can move fast, but once the covering is done, if follow-through money doesn’t show up, the price can retrace all the way back. I’d wait for OI to pick up again before making a move.