$SOPH ’s drop is pretty interesting: the 15m chart broke straight below the lows of nearly 20 recent 5m candles, volume expanded to 2.2x, the active trade delta was -34.6%, and the buy/sell ratio was 0.49. The selling pressure is clear.
But what’s really worth watching is OI—both price and OI are falling, and the notional change is unusually negative. Its anomaly percentile is 96.8%, second-highest across the entire pool. This looks more like longs deleveraging and stop-losses triggering forced closures, rather than new shorts aggressively building positions. In other words, positions are being cleared out, not added.
24h trading volume is only 9.67M, and market depth isn’t very strong, so volatility can easily be amplified in conditions like these. The key now isn’t to guess the bottom, but to watch for OI to stop falling. Only once leverage has been flushed out can we talk about the price stabilizing. Keep watching.
But what’s really worth watching is OI—both price and OI are falling, and the notional change is unusually negative. Its anomaly percentile is 96.8%, second-highest across the entire pool. This looks more like longs deleveraging and stop-losses triggering forced closures, rather than new shorts aggressively building positions. In other words, positions are being cleared out, not added.
24h trading volume is only 9.67M, and market depth isn’t very strong, so volatility can easily be amplified in conditions like these. The key now isn’t to guess the bottom, but to watch for OI to stop falling. Only once leverage has been flushed out can we talk about the price stabilizing. Keep watching.