By the way, this move is down 2.85% over 15 minutes, with price breaking straight below the lows of nearly 20 five-minute candles. Taker flow is at -9.3% and the buy/sell ratio is 0.83, so sellers are clearly driving the market. What’s interesting is that OI hasn’t fallen much: the one-hour notional change is -2.87%, but its anomaly percentile is only 43.5%, while the funding rate is still near a recent high. This looks more like new leveraged shorts entering than a cascade of long liquidations. With over 200 million in 24-hour trading volume and sufficient market depth, if funding doesn’t come down quickly, that could leave even more fuel for short covering on a rebound. First, watch whether price can reclaim this move’s low; if not, wait for funding to cool off.