$RUNE This 15m drop doesn't look too severe at 0.81%, but the decline in open interest is pretty eye-catching—the 15m contract OI is down 2.81%, and the 1h OI is down 3.94%, with notional value shrinking by about 370K U. Price down + OI down: a classic Ritual long deleveraging move. It’s not new shorts piling in to drive the price down; leveraged positions simply couldn’t hold on and are exiting.
Volume is 1.52x normal, the net taker flow is -14.2%, and the buy/sell ratio is 0.75, so selling pressure is tilted to the downside. But the OI percentile has already hit 93.1%, ranking #20 across the whole pool for abnormality. This level is already close to the historically extreme range. 24h trading volume is just over 65M, so the pool isn’t particularly deep.
With this kind of setup, I generally don’t rush to chase shorts. The tail end of a deleveraging move often comes with a liquidity vacuum, so a bounce is normal too. If you really want to take a position, wait for OI to stabilize before assessing direction—don’t try to catch a falling knife in the middle of a leverage flush.
Volume is 1.52x normal, the net taker flow is -14.2%, and the buy/sell ratio is 0.75, so selling pressure is tilted to the downside. But the OI percentile has already hit 93.1%, ranking #20 across the whole pool for abnormality. This level is already close to the historically extreme range. 24h trading volume is just over 65M, so the pool isn’t particularly deep.
With this kind of setup, I generally don’t rush to chase shorts. The tail end of a deleveraging move often comes with a liquidity vacuum, so a bounce is normal too. If you really want to take a position, wait for OI to stabilize before assessing direction—don’t try to catch a falling knife in the middle of a leverage flush.