$RSR This market setup is a bit awkward.
Price got slammed 3.34% in 15m, with volume rising to more than 3x. At first, I thought it was another wave of panic selling. But take a look at OI: +1.33% over 15m, +2.53% over 1h, with a sizable change in notional value too. This isn't people closing positions and running—someone is adding shorts on the way down.
Now look at the funding rate: -1.0237%, in the 98th percentile for the near term. Shorts are paying this much, which shows that short positions at this level are already quite crowded—and it's new leverage coming in, not existing positions holding on.
The taker trade imbalance is 2.8%, and the buy/sell ratio is still 1.06. Price is falling, but aggressive selling isn't as fierce as it looks.
On one hand, price is moving down; on the other, shorts keep piling in and are willing to pay such an expensive funding rate. With a setup like this, either the shorts have spotted something we haven't—or the stop-loss levels for this pile of shorts are slowly being mapped out.
Anomaly percentile at 84.7%, pool-wide at 14, and it hasn't faded for several cycles. I'll keep watching for now; no rush to pick a side.
Price got slammed 3.34% in 15m, with volume rising to more than 3x. At first, I thought it was another wave of panic selling. But take a look at OI: +1.33% over 15m, +2.53% over 1h, with a sizable change in notional value too. This isn't people closing positions and running—someone is adding shorts on the way down.
Now look at the funding rate: -1.0237%, in the 98th percentile for the near term. Shorts are paying this much, which shows that short positions at this level are already quite crowded—and it's new leverage coming in, not existing positions holding on.
The taker trade imbalance is 2.8%, and the buy/sell ratio is still 1.06. Price is falling, but aggressive selling isn't as fierce as it looks.
On one hand, price is moving down; on the other, shorts keep piling in and are willing to pay such an expensive funding rate. With a setup like this, either the shorts have spotted something we haven't—or the stop-loss levels for this pile of shorts are slowly being mapped out.
Anomaly percentile at 84.7%, pool-wide at 14, and it hasn't faded for several cycles. I'll keep watching for now; no rush to pick a side.