$SIREN plunged 8.76% in 15m, with volume surging to 7.35x and a Z-score of 5.38—clearly not normal volatility.
Looking at the structure, price fell while OI declined. The 1h notional open interest dropped by 1000K, followed by another 1.26M decrease in 15m. This looks more like longs deleveraging and a cascade of stop-losses than fresh shorts entering. Aggressive trade flow was -15%, and the buy/sell ratio was 0.74, with sellers in control.
Price has already broken below the lower bound of the recent 20-candle 5m range, and depth confirms it. The OI anomaly is at the 98.8th percentile, ranking #3 across the entire pool. This extreme reading has persisted for several consecutive periods without converging, suggesting positions are still being reduced.
24h trading volume is 46.79M, so liquidity isn't particularly thin, but with price and volume moving like this, I'm not keen to catch a falling knife. First, let's see if it can stabilize lower down; we can revisit once OI stops falling.
Looking at the structure, price fell while OI declined. The 1h notional open interest dropped by 1000K, followed by another 1.26M decrease in 15m. This looks more like longs deleveraging and a cascade of stop-losses than fresh shorts entering. Aggressive trade flow was -15%, and the buy/sell ratio was 0.74, with sellers in control.
Price has already broken below the lower bound of the recent 20-candle 5m range, and depth confirms it. The OI anomaly is at the 98.8th percentile, ranking #3 across the entire pool. This extreme reading has persisted for several consecutive periods without converging, suggesting positions are still being reduced.
24h trading volume is 46.79M, so liquidity isn't particularly thin, but with price and volume moving like this, I'm not keen to catch a falling knife. First, let's see if it can stabilize lower down; we can revisit once OI stops falling.