$HOT didn’t move much this time, up 0.9%, but OI jumped +3.58% in an hour, with 15m OI also rising. Price and open interest are climbing together—a classic sign of new leveraged longs entering. The funding rate has already surged to a recent high percentile, and OI’s anomaly percentile is 89.9%, ranking #13 across the entire pool. That suggests it’s not just this asset heating up—the whole pool is piling on leverage.
But don’t overlook one detail: the aggressive trade imbalance is -3.5%, and the buy/sell ratio is 0.93. The price is rising, yet there are slightly more aggressive sell orders. Longs are adding to their positions, but buying support hasn’t kept pace. If funding stays elevated, a pullback could be rough.
24h trading volume is only 27.88M, so the pool isn’t very deep. A notional change of 55K is enough to push OI higher. Leverage can pile up fast—and unwind just as quickly. If you’re chasing longs, don’t skimp on your stop-loss.
But don’t overlook one detail: the aggressive trade imbalance is -3.5%, and the buy/sell ratio is 0.93. The price is rising, yet there are slightly more aggressive sell orders. Longs are adding to their positions, but buying support hasn’t kept pace. If funding stays elevated, a pullback could be rough.
24h trading volume is only 27.88M, so the pool isn’t very deep. A notional change of 55K is enough to push OI higher. Leverage can pile up fast—and unwind just as quickly. If you’re chasing longs, don’t skimp on your stop-loss.
