$APR took a pretty brutal hit in this move, dropping 6 points in just 15m. Volume surged to more than 15 times normal, with aggressive sell orders firmly in control and a buy/sell ratio of 0.45.
The key is that OI fell along with the price: both 15m and 1h were down 4.76%, wiping out nearly 800K U in notional value. This doesn’t look like new shorts entering; it looks more like longs getting liquidated, with stop-losses triggering a cascading sell-off. Its OI anomaly percentile hit 99.4%, ranking 4th across the entire pool—meaning this deleveraging is extreme compared with similar assets.
Price down + OI down means a clean long flush structurally. 24h trading volume is still 94M, so liquidity isn’t lacking—it’s just that anyone stepping in right now is likely to get burned. Let’s wait and see if OI stabilizes first.
The key is that OI fell along with the price: both 15m and 1h were down 4.76%, wiping out nearly 800K U in notional value. This doesn’t look like new shorts entering; it looks more like longs getting liquidated, with stop-losses triggering a cascading sell-off. Its OI anomaly percentile hit 99.4%, ranking 4th across the entire pool—meaning this deleveraging is extreme compared with similar assets.
Price down + OI down means a clean long flush structurally. 24h trading volume is still 94M, so liquidity isn’t lacking—it’s just that anyone stepping in right now is likely to get burned. Let’s wait and see if OI stabilizes first.