$S This 15-minute candle is interesting. Price fell 3.2 points, but OI also dropped by nearly 4%, with notional value shrinking by 1.45M. This wasn’t caused by new shorts piling in—it was longs pulling out on their own, with a strong deleveraging feel. Volume hit 2.56 times its usual level, which shows this wasn’t a slow bleed; positions were being flushed out in size.
What’s interesting is that 1-hour OI stayed nearly flat, up just 0.22%, yet notional value still contracted by 1.37M. In other words, positions were quietly winding down throughout that hour, before the price had caught up. The OI anomaly percentile is 98.2%, second-highest in the entire pool. At this extreme, combined with an aggressive trade delta of -2.7% and a buy/sell ratio of 0.95, there’s selling pressure, but it isn’t fierce—it looks more like stop-loss orders getting swept.
24-hour trading volume is 104 million, so liquidity is sufficient. For now, we just wait for this round of deleveraging to end and see whether anyone is willing to buy at this level.
What’s interesting is that 1-hour OI stayed nearly flat, up just 0.22%, yet notional value still contracted by 1.37M. In other words, positions were quietly winding down throughout that hour, before the price had caught up. The OI anomaly percentile is 98.2%, second-highest in the entire pool. At this extreme, combined with an aggressive trade delta of -2.7% and a buy/sell ratio of 0.95, there’s selling pressure, but it isn’t fierce—it looks more like stop-loss orders getting swept.
24-hour trading volume is 104 million, so liquidity is sufficient. For now, we just wait for this round of deleveraging to end and see whether anyone is willing to buy at this level.