$APR Over 15 minutes, this wave wiped out 6%, and trading volume surged to 3.86x. But OI actually fell, with notional value down by nearly 480k U. Price down + open interest down is a classic long deleveraging—not fresh shorts piling in to drive the price lower, but leveraged longs buckling and rushing for the exits.
OI's anomaly percentile is 97.4%, third-highest across the entire pool. When crowding gets this extreme, you know a shakeout is only a matter of time. One-hour OI is still up 3.56%, but notional value is negative, suggesting that positions chasing longs near the top are gradually throwing in the towel.
The taker buy/sell ratio is 0.89. Selling pressure isn't extreme; this looks more like a cascade of stop-losses than panic selling. Twenty-four-hour trading volume is 130 million, and market depth is sufficient, but once this kind of deleveraging starts, it usually takes more than a single 15-minute candle to play out. First, let's see whether leverage can be flushed out completely.
OI's anomaly percentile is 97.4%, third-highest across the entire pool. When crowding gets this extreme, you know a shakeout is only a matter of time. One-hour OI is still up 3.56%, but notional value is negative, suggesting that positions chasing longs near the top are gradually throwing in the towel.
The taker buy/sell ratio is 0.89. Selling pressure isn't extreme; this looks more like a cascade of stop-losses than panic selling. Twenty-four-hour trading volume is 130 million, and market depth is sufficient, but once this kind of deleveraging starts, it usually takes more than a single 15-minute candle to play out. First, let's see whether leverage can be flushed out completely.