$XPIN This drop has been pretty sharp: down 5.25% in 15m, with volume surging to 15.5x and volatility Z above 11—a move like this would normally take all day.
But OI is actually falling: -0.85% over 15m and -1.07% over 1h, with notional exposure down by more than 300,000 U. Price falling while positions shrink looks more like longs deleveraging and stop-loss orders getting flushed out in a cluster, rather than a major influx of new shorts. The aggressive trade imbalance is -57.5%, and the buy/sell ratio is 0.27—selling pressure is clearly one-sided.
Price has already broken below the lower end of the most recent 20 5m candles. The OI anomaly percentile is 98.4%, ranking second across the entire pool—this is a pretty extreme level. 24h trading volume is only a little over 11M, so liquidity is thin; a sell-off of this size is likely to cause significant slippage.
First, watch whether the market can stabilize at the range boundary after this leverage flush. If it can't, there may be another leg down into the vacuum below. Don't rush to buy the dip.
But OI is actually falling: -0.85% over 15m and -1.07% over 1h, with notional exposure down by more than 300,000 U. Price falling while positions shrink looks more like longs deleveraging and stop-loss orders getting flushed out in a cluster, rather than a major influx of new shorts. The aggressive trade imbalance is -57.5%, and the buy/sell ratio is 0.27—selling pressure is clearly one-sided.
Price has already broken below the lower end of the most recent 20 5m candles. The OI anomaly percentile is 98.4%, ranking second across the entire pool—this is a pretty extreme level. 24h trading volume is only a little over 11M, so liquidity is thin; a sell-off of this size is likely to cause significant slippage.
First, watch whether the market can stabilize at the range boundary after this leverage flush. If it can't, there may be another leg down into the vacuum below. Don't rush to buy the dip.