$MORPHO just fell 1.23% in 15 minutes. The price dropped, and open interest moved down with it—OI was down 0.08% over 15 minutes and 0.06% over 1 hour, with notional value shrinking by 70,000 to over 90,000 U. This structure looks more like longs deleveraging, getting stopped out, or actively closing positions—not a sell-off driven by shorts.
One detail to note: OI’s anomaly percentile reached 85.9%, ranking 7th across the entire pool, while the notional change ranked 40th. That means this position contraction is unusually pronounced compared with the rest of the pool. Trading volume also came in at 1.48×, with a volatility Z-score of 2.93. The 24-hour trading volume is only a little over 11M, so this is a fairly small pool to begin with.
The close fell below the lower bound of the range formed by the most recent 20 five-minute candles. Aggressive trade imbalance was -1.9%, and the buy/sell ratio was 0.96, with selling pressure slightly in the lead. At this level, the key is whether longs keep getting squeezed. If deleveraging on lower volume stalls here, a bounce is likely; if the price keeps falling and breaks lower, that’s a different story. Watch carefully.
One detail to note: OI’s anomaly percentile reached 85.9%, ranking 7th across the entire pool, while the notional change ranked 40th. That means this position contraction is unusually pronounced compared with the rest of the pool. Trading volume also came in at 1.48×, with a volatility Z-score of 2.93. The 24-hour trading volume is only a little over 11M, so this is a fairly small pool to begin with.
The close fell below the lower bound of the range formed by the most recent 20 five-minute candles. Aggressive trade imbalance was -1.9%, and the buy/sell ratio was 0.96, with selling pressure slightly in the lead. At this level, the key is whether longs keep getting squeezed. If deleveraging on lower volume stalls here, a bounce is likely; if the price keeps falling and breaks lower, that’s a different story. Watch carefully.