$S is showing some interesting intraday action.
Price is up 0.84% over 15m, but OI is down 2.28% over the same period, with notional down by 448K. Rising price + falling OI is a pattern we’ve seen a lot lately; it looks more like shorts covering than new longs entering.
OI barely moved over 1h, up 0.22%, while notional still saw a slight outflow. The anomaly percentile is 86.3%, ranking #23 across the whole pool. This has persisted for several consecutive periods, so it’s not something a single spike can explain.
The taker buy/sell ratio is 1.06, a 2.8% difference, leaning slightly toward buyers. 24h trading volume is 174M, so there’s decent size here—not a small pool.
I’d keep an eye on this move for a while. When price is pushed up by short covering, the key is whether it can hold its ground once the covering is over.
Price is up 0.84% over 15m, but OI is down 2.28% over the same period, with notional down by 448K. Rising price + falling OI is a pattern we’ve seen a lot lately; it looks more like shorts covering than new longs entering.
OI barely moved over 1h, up 0.22%, while notional still saw a slight outflow. The anomaly percentile is 86.3%, ranking #23 across the whole pool. This has persisted for several consecutive periods, so it’s not something a single spike can explain.
The taker buy/sell ratio is 1.06, a 2.8% difference, leaning slightly toward buyers. 24h trading volume is 174M, so there’s decent size here—not a small pool.
I’d keep an eye on this move for a while. When price is pushed up by short covering, the key is whether it can hold its ground once the covering is over.