$CFX This 15m drop isn’t particularly severe, but it gets interesting when you look at it alongside OI: price is down and open interest is down too—a textbook long deleveraging move, mostly driven by stop-losses and voluntary position cuts, not fresh short positions piling in to dump the market.
Volume at 3.12x, alongside an active buy/sell ratio of 0.45, points to clear selling pressure from aggressive sellers. OI contracted in sync on both the 1h and 15m timeframes, with notional value dropping by over 300K U. Its anomaly percentile of 81.9% puts it in the top 31 across the entire pool, so this level is worth keeping an eye on.
Put simply, leverage is coming off, but the direction is still undecided. Wait for OI to stabilize, then see whether it gets bought back up or keeps sliding.
Volume at 3.12x, alongside an active buy/sell ratio of 0.45, points to clear selling pressure from aggressive sellers. OI contracted in sync on both the 1h and 15m timeframes, with notional value dropping by over 300K U. Its anomaly percentile of 81.9% puts it in the top 31 across the entire pool, so this level is worth keeping an eye on.
Put simply, leverage is coming off, but the direction is still undecided. Wait for OI to stabilize, then see whether it gets bought back up or keeps sliding.