$INIT This selloff has something behind it. It fell 2.79% over 15m, with volume up 2.79x, but OI dropped on both timeframes—15m -0.23%, 1h -0.16%—with over 350,000 USDT in notional volume. Price fell and open interest shrank, so this wasn’t new shorts entering; it looks more like longs couldn’t hold on and are deleveraging, with stop-loss orders getting swept.
Aggressive trade flow was -16.4%, the buy/sell ratio was 0.72, and selling pressure was clearly one-sided. The close also fell below the lows of nearly the last 20 5m candles. The OI anomaly percentile is 93.5%, ranking #3 across the entire pool, and it’s persisted for several consecutive periods. With this kind of structure building near historical extremes, position reduction likely isn’t over yet.
24h trading volume is just over 20M, and liquidity isn’t particularly deep. At this level, it could either keep squeezing or bounce once the squeeze is over. I’ll keep watching for now—no chasing.
Aggressive trade flow was -16.4%, the buy/sell ratio was 0.72, and selling pressure was clearly one-sided. The close also fell below the lows of nearly the last 20 5m candles. The OI anomaly percentile is 93.5%, ranking #3 across the entire pool, and it’s persisted for several consecutive periods. With this kind of structure building near historical extremes, position reduction likely isn’t over yet.
24h trading volume is just over 20M, and liquidity isn’t particularly deep. At this level, it could either keep squeezing or bounce once the squeeze is over. I’ll keep watching for now—no chasing.