INIT is making an interesting move. It’s up nearly 3% over 15m, with volume at 1.69x its usual level. Price has just broken above the highs of the last 20 or so 5m candles, taker flow imbalance is +10.4%, and the buy/sell ratio is 1.23—buyers are clearly pushing.
More importantly, OI is up 1.08% over 15m and 2.30% over 1h. Its nominal change has surged to #25 across the entire pool, with an anomaly percentile of 88.5%. Price and open interest rising together—that’s the pattern of new leveraged longs entering, not a fake move driven by short covering.
The funding rate is already at a high percentile relative to recent levels, which suggests bullish sentiment is elevated. If you chase here, watch out for crowded positioning. The 24h trading volume is 173M and liquidity looks decent, but whether the breakout holds depends on whether price finds support on a retest.
For now, watch and wait—don’t rush in.
More importantly, OI is up 1.08% over 15m and 2.30% over 1h. Its nominal change has surged to #25 across the entire pool, with an anomaly percentile of 88.5%. Price and open interest rising together—that’s the pattern of new leveraged longs entering, not a fake move driven by short covering.
The funding rate is already at a high percentile relative to recent levels, which suggests bullish sentiment is elevated. If you chase here, watch out for crowded positioning. The 24h trading volume is 173M and liquidity looks decent, but whether the breakout holds depends on whether price finds support on a retest.
For now, watch and wait—don’t rush in.