$HYPE This drop, accompanied by a steady contraction in OI, looks more like longs deleveraging than new shorts entering. The 15m taker buy/sell ratio has fallen to 0.60, volume has increased to 1.8×, and price has broken below the lows of the last 20 5m candles, so short-term sentiment is clearly bearish. However, the OI percentile is already at an unusually high 97.8%, ranking third across the entire pool, which suggests position reduction has become extreme. Funding rates are still in a high percentile relative to recent levels, and most of the leverage has been cleared out. If OI stops falling and price moves back into the range, watch for a rebound instead. Chasing shorts now offers poor risk-reward; wait for structural confirmation.