ENA’s 15m move looks pretty ugly. Volume jumped to 3.1x, while price broke below the lows of the last 20 5m candles. Open interest didn’t rise; instead, 15m notional shrank by over 400k U, suggesting longs are deleveraging and exiting via stop-losses rather than a major influx of new shorts. Taker flow was -8.2% and the buy/sell ratio was 0.85, so the selling pressure is real. The funding rate is still in the upper end of its recent range, and longs look a bit overcrowded. First, watch whether price can reclaim this area. If it can’t, there’s room for a further drop.