$DOOD This 15m move rallied 3%, but OI actually fell by more than 2%, with notional exposure down over $700,000. The 1h chart also shows positions being reduced at the same time. Put simply, the move was driven by shorts closing, not fresh capital entering. The active trade imbalance was -3.6%, and the buy/sell ratio was 0.93, so buyers chasing the move didn’t follow through. Funding rates are near recent highs, and the abnormal OI percentile is 96.6%, ranking fifth across the entire pool. This setup looks lively, but in reality it’s more like position covering nearing its end. Prices are up, but open interest is down; both longs and shorts are winding down, so don’t rush to call it a trend. Let OI stabilize again before drawing conclusions. For now, this is shorts retreating—not a rallying cry for the bulls.