This ELSA dip is interesting: the price fell 1.28%, but OI is dropping too—down 1.87% on 15m contracts and an even steeper 3.12% on 1h. This doesn’t look like new shorts piling in to drive the price down; it looks more like longs cutting their positions and stopping out. Volume is only 0.44x. A decline on lower volume combined with deleveraging is a classic position-contraction move. Net taker flow is -6.3%, and the buy/sell ratio is 0.88, so selling pressure isn’t too intense. The OI anomaly percentile is still at 83.7%, which suggests leverage remains relatively high and there may be more liquidations ahead. Keep watching for now; no rush to jump in.