$Q This 15m drop has a certain feel to it. A 2.35% decline isn’t huge, but volume surged to 2.23x. The close also broke below the lower bound of the last 20 5m candles. The active trade delta was -13.1%, and the buy/sell ratio was 0.77, so selling pressure was clearly in control.
What’s interesting is the OI: 15m contract OI was up 0.30%, but notional change was -158K. For 1h, it was -0.09% and -206K. Price falling while OI ticks up looks more like new leveraged shorts entering than longs getting liquidated. The anomaly percentile is 60.1%, ranked #73 across the entire pool, with notional change ranked #25—so it’s on the radar, but hasn’t reached an extreme.
For a pool with 160M in 24h trading volume, this kind of volume accompanying a range breakdown is worth watching closely in the short term. I’ll be keeping an eye on whether price can reclaim the lower bound on a pullback. If it can’t, the bears still have room to play.
What’s interesting is the OI: 15m contract OI was up 0.30%, but notional change was -158K. For 1h, it was -0.09% and -206K. Price falling while OI ticks up looks more like new leveraged shorts entering than longs getting liquidated. The anomaly percentile is 60.1%, ranked #73 across the entire pool, with notional change ranked #25—so it’s on the radar, but hasn’t reached an extreme.
For a pool with 160M in 24h trading volume, this kind of volume accompanying a range breakdown is worth watching closely in the short term. I’ll be keeping an eye on whether price can reclaim the lower bound on a pullback. If it can’t, the bears still have room to play.