$WLFI This drop wasn’t especially sharp, but the structure is pretty interesting—the price moved lower while OI contracted in tandem. 1h notional fell by 1.5M, a classic long deleveraging move, rather than fresh shorts piling in to drive the price down. Aggressive trade delta was -29.3%, and the buy/sell ratio was 0.55, showing a clear skew toward selling. 15m volume also climbed to 1.68x, and the close broke straight below the lows of the last 20 or so 5m candles.
But the OI anomaly percentile hit 95.8%, ranking #3 across the entire pool, and the funding rate is also in a high percentile compared with recent levels—so leverage is still quite crowded. From here, we could either see another squeeze or be in a short-term extreme zone. Keep an eye on whether OI continues to contract or starts to rebuild.
But the OI anomaly percentile hit 95.8%, ranking #3 across the entire pool, and the funding rate is also in a high percentile compared with recent levels—so leverage is still quite crowded. From here, we could either see another squeeze or be in a short-term extreme zone. Keep an eye on whether OI continues to contract or starts to rebuild.