ZEC’s 15m volume surged to more than 4x, yet the price fell 1%, breaking below the lower bound of the past 20 or so 5m ranges. Aggressive trade delta was -5.5%, and the buy/sell ratio was 0.90—the volume came in, but the pressure was to sell.
OI, meanwhile, is falling. Notional change was -490K U over 1h and -2.43M U over 15m. A drop accompanied by contracting OI is typically more consistent with longs deleveraging or exiting via stop-losses than with new shorts driving the price down. Notional change ranks #2 across the full pool, with an anomaly percentile of 69.6% and a ranking of #18. That suggests the move is significant, but not yet at panic levels—and participation really has picked up.
24h trading volume is 960M. Longs at this level have been shaken out; next, we’ll see whether this wave of selling can be absorbed. Be cautious about chasing shorts: with volume this high, any rebound that fails to hold could also come quickly. $ZEC
OI, meanwhile, is falling. Notional change was -490K U over 1h and -2.43M U over 15m. A drop accompanied by contracting OI is typically more consistent with longs deleveraging or exiting via stop-losses than with new shorts driving the price down. Notional change ranks #2 across the full pool, with an anomaly percentile of 69.6% and a ranking of #18. That suggests the move is significant, but not yet at panic levels—and participation really has picked up.
24h trading volume is 960M. Longs at this level have been shaken out; next, we’ll see whether this wave of selling can be absorbed. Be cautious about chasing shorts: with volume this high, any rebound that fails to hold could also come quickly. $ZEC