$BMT This 3.19% drop over 15 minutes isn't particularly severe; what's more significant is OI—open interest in 15-minute contracts fell by 3.49%, wiping out 555,000 U in notional value. It’s also declining on the 1-hour timeframe. Price down + OI down is a classic sign that stubborn longs are being forced out, not that new shorts are entering.
The OI anomaly percentile is 99.4%, ranking second across the entire pool. This extreme reading has persisted for several periods without easing, suggesting it’s not just a few stop-losses, but a broad wave of longs reducing their positions. The buy/sell ratio is 0.80, and the taker flow imbalance is -11.2%—selling pressure is bearing down.
Trading volume is 1.92 times normal. The drop isn’t deep, but volume has picked up. Combined with the decline in OI, this looks more like leverage being flushed out than an accelerating trend. With 150 million U in 24-hour trading volume, the pool is deep enough that we could actually see short-term stabilization after this deleveraging, provided OI doesn’t keep collapsing.
Keep an eye on OI; it’s more useful than watching the candlestick chart.
The OI anomaly percentile is 99.4%, ranking second across the entire pool. This extreme reading has persisted for several periods without easing, suggesting it’s not just a few stop-losses, but a broad wave of longs reducing their positions. The buy/sell ratio is 0.80, and the taker flow imbalance is -11.2%—selling pressure is bearing down.
Trading volume is 1.92 times normal. The drop isn’t deep, but volume has picked up. Combined with the decline in OI, this looks more like leverage being flushed out than an accelerating trend. With 150 million U in 24-hour trading volume, the pool is deep enough that we could actually see short-term stabilization after this deleveraging, provided OI doesn’t keep collapsing.
Keep an eye on OI; it’s more useful than watching the candlestick chart.
