ETH hasn’t fallen much this time—just 0.14%—but there’s been plenty of activity beneath the surface. 15m trading volume surged to 7.88x, and the OI anomaly percentile hit 97%, ranking third across the entire pool. This isn’t ordinary volatility; it’s leverage getting flushed out. OI has been declining for several consecutive periods, alongside the falling price, which clearly suggests longs are retreating and getting stopped out—not that new shorts are entering. The aggressive trade delta is -12.1%, and the buy/sell ratio is 0.78, making the selling pressure pretty clear. Binance’s 5m liquidations also totaled 222K, concentrated on the sell side. Honestly, this kind of decline on shrinking volume is even more worth watching: positions have contracted to an extreme range, and next we’ll either see one final shakeout, or discover there’s truly no support.