This sell-off in MEGA is interesting: the price fell just 1.21%, but OI dropped 2.32% in 15 minutes and continued falling at a similar pace over the 1-hour period (-2.3%). Price down + OI down is a classic sign of stubborn longs being flushed out one by one, as stop-losses and position reductions hit the market together. Volume was 2.57x, the taker flow imbalance was -42.7%, and the buy/sell ratio was 0.40—clear selling pressure, but no sign of a major influx of shorts. It looks more like leveraged traders exiting on their own.
At the 99.6th percentile for anomalies and ranked #2 across the whole pool, this kind of deleveraging structure persisting across multiple consecutive timeframes is a reason not to rush into catching the falling knife. Wait for OI to stabilize first. The 24-hour trading volume is only 9.59M, so liquidity is thin; a notional change of just 184K can push OI into this percentile range, and volatility can be amplified when liquidity is low. $MEGA
At the 99.6th percentile for anomalies and ranked #2 across the whole pool, this kind of deleveraging structure persisting across multiple consecutive timeframes is a reason not to rush into catching the falling knife. Wait for OI to stabilize first. The 24-hour trading volume is only 9.59M, so liquidity is thin; a notional change of just 184K can push OI into this percentile range, and volatility can be amplified when liquidity is low. $MEGA