$INIT In this drop, both price and OI contracted, a clear sign of long deleveraging. 15m volume surged to 4.8 times its usual level, with aggressive selling in the lead. The abnormal OI percentile hit 100%, ranking first across the entire pool.
Price fell close to an extreme historical range, and this pattern has continued for several consecutive periods. Although 1h OI is still slightly positive, the contraction in 15m notional positions is clear, indicating that short-term positions are exiting in a concentrated manner.
24h trading volume was 21.66M, and liquidity isn't particularly deep. Chasing shorts at this level is no longer very attractive risk-reward-wise. Essentially, this is a chain reaction triggered by long stop-losses, not new shorts actively building positions. Let's see whether the structure stabilizes after this wave of deleveraging is over.
Price fell close to an extreme historical range, and this pattern has continued for several consecutive periods. Although 1h OI is still slightly positive, the contraction in 15m notional positions is clear, indicating that short-term positions are exiting in a concentrated manner.
24h trading volume was 21.66M, and liquidity isn't particularly deep. Chasing shorts at this level is no longer very attractive risk-reward-wise. Essentially, this is a chain reaction triggered by long stop-losses, not new shorts actively building positions. Let's see whether the structure stabilizes after this wave of deleveraging is over.