ETH’s OI looks a bit off.
15m contracts: -0.37%, notional down 50M; 1h contracts: -0.95%, notional down 45.73M. It’s been shrinking across multiple timeframes, with the anomaly percentile hitting 97.8%—ranked #1 across the entire pool. Notional change is also #1.
Price is down 0.34%, taker flow imbalance is -35.4%, the buy/sell ratio is 0.48, and the 5m liquidation proxy is 406K, skewed toward sellers.
This doesn’t look like a chart driven by new shorts piling in. Price down + OI down points more to long deleveraging, stop-losses, or positions being trimmed. Depth confirmation is pointing in the same direction.
24h trading volume is still 13,051M, with no volume spike, and volatility Z is only 0.62. It’s the kind of market that looks quiet on the surface while positions are shifting underneath.
Now we’re just waiting for one thing: a directional move after the low-volume deleveraging ends. In this kind of ETH market, it either keeps grinding or one wick clears out the remaining leverage.
15m contracts: -0.37%, notional down 50M; 1h contracts: -0.95%, notional down 45.73M. It’s been shrinking across multiple timeframes, with the anomaly percentile hitting 97.8%—ranked #1 across the entire pool. Notional change is also #1.
Price is down 0.34%, taker flow imbalance is -35.4%, the buy/sell ratio is 0.48, and the 5m liquidation proxy is 406K, skewed toward sellers.
This doesn’t look like a chart driven by new shorts piling in. Price down + OI down points more to long deleveraging, stop-losses, or positions being trimmed. Depth confirmation is pointing in the same direction.
24h trading volume is still 13,051M, with no volume spike, and volatility Z is only 0.62. It’s the kind of market that looks quiet on the surface while positions are shifting underneath.
Now we’re just waiting for one thing: a directional move after the low-volume deleveraging ends. In this kind of ETH market, it either keeps grinding or one wick clears out the remaining leverage.