$CHIP has moved up a bit too sharply here: it surged over 3% in 15m, with volume nearly 8 times the norm. But what really caught my eye was OI—it's climbing sharply on both the 15m and 1h charts, with the anomaly percentile hitting 100%, the highest across the entire pool. Price is rising, open interest is rising along with it, and the funding rate is also near recent highs. This looks like new longs piling in with leverage, not a passive move caused by short squeezes.
The active buy/sell ratio is 1.25, so buyers are clearly in control, but 24h turnover is only a little over 15M. Liquidity is thin. If the bulls can't keep up the momentum, a pullback could be swift.
I wouldn't dare chase it at this level. First, I want to see whether spot volume can absorb all this leverage. If it can't, that could set the stage for trouble later.
The active buy/sell ratio is 1.25, so buyers are clearly in control, but 24h turnover is only a little over 15M. Liquidity is thin. If the bulls can't keep up the momentum, a pullback could be swift.
I wouldn't dare chase it at this level. First, I want to see whether spot volume can absorb all this leverage. If it can't, that could set the stage for trouble later.
