$PARTI : This 15m move is brutal—the volume shot up to 3.72x, and while a 2.28% price drop isn’t surprising, the abnormal OI percentile surged to 94.6%, ranking #5 across the entire pool. That clearly suggests positions are being forcibly liquidated. The 1h notional change was -261K (-4.49%); combined with an active trade imbalance of -32.2% and a buy/sell ratio of 0.51, selling pressure is in control. Price has also broken below the lower bound of the range from the last 20 5m candles. Structurally, this looks more like long deleveraging and a cascade of stop-losses than aggressive new short-building. First, let’s see whether this leverage can be flushed out.