$AVAX This 15m selloff was pretty decisive: volume surged to 3.3x, and the taker buy/sell ratio was 0.26—basically, sellers were driving the move. Open interest also fell: -1.56% in 15m and -1.51% in 1h, with over 2M in notional traded. The OI anomaly ranked in the 99.4th percentile, second-highest across the entire pool. So this wasn’t just a dump; it looks more like longs deleveraging en masse, with stop-losses triggering one after another.

Price down + OI down means positions are being closed out, rather than new shorts entering. This kind of move can be followed by a bounce, but don’t rush to buy the dip—the leverage hasn’t been fully flushed out yet.