$PYTH This 15m candle is pretty wild: up 5%+ in a straight shot, with volume more than 6x the norm—but look at OI: it’s falling on both the 15m and 1h, down around 2.5%.
Price is rising while open interest is dropping. This setup doesn’t look like new longs entering; it looks more like shorts being forced to close. The buy/sell ratio is 1.13, with buyers taking the initiative, but it’s not exactly a frenzied buying spree.
The OI anomaly percentile hit 100%, ranking 33rd across the entire pool, which shows just how extreme this position change is right now. 24h volume is 75M, and there’s enough depth—it’s not the kind of market that dies after one quick pump.
Whether to chase a short-covering rally like this is a personal call. Personally, I’m not keen on jumping in during a rally with falling OI. I’d wait for a pullback and confirmation.
Price is rising while open interest is dropping. This setup doesn’t look like new longs entering; it looks more like shorts being forced to close. The buy/sell ratio is 1.13, with buyers taking the initiative, but it’s not exactly a frenzied buying spree.
The OI anomaly percentile hit 100%, ranking 33rd across the entire pool, which shows just how extreme this position change is right now. 24h volume is 75M, and there’s enough depth—it’s not the kind of market that dies after one quick pump.
Whether to chase a short-covering rally like this is a personal call. Personally, I’m not keen on jumping in during a rally with falling OI. I’d wait for a pullback and confirmation.