$SAND This drop came with a sharp decline in open interest: open interest in 15-minute contracts fell 2.43%, with a notional change of nearly -781K, a typical sign of leveraged longs exiting. Trading volume surged to more than 5.5 times its usual level, with aggressive selling clearly dominant; the buy/sell ratio was 0.69. Open interest is at an unusually high percentile of 97.2%, ranking 6th across the entire pool, and positions are contracting rapidly. The funding rate remains elevated relative to recent levels, so the cost pressure on longs has not fully eased. Wait for signs of stabilization—don't rush to buy the dip.