ONDO is down 2.1% over the past 15m, while volume has surged to 8.28x—pretty intense.
But look at OI: -1.69% over 15m and -2.09% over 1h, with notional changes in the millions of USDT. At the same time, price has broken below the low of the past 20 or so 5m candles. This doesn't look like fresh shorts piling in to drive the price down; it looks more like longs de-leveraging and stopping out.
Aggressive trade delta is -31.7%, and the buy/sell ratio is 0.52, so selling pressure is clearly dominant. But structurally, price is down and OI is down too, which means positions are shrinking rather than shorts piling up.
The OI anomaly percentile is already at 98.4%, ranking #4 across the whole pool. That means this position change is extreme relative to its own history. 24h trading volume is 64M, so liquidity isn't bad.
I generally wouldn't chase shorts in this kind of setup. De-leveraging selloffs often rebound quickly too; the key is whether OI keeps collapsing or stabilizes from here. I'll wait and see.
But look at OI: -1.69% over 15m and -2.09% over 1h, with notional changes in the millions of USDT. At the same time, price has broken below the low of the past 20 or so 5m candles. This doesn't look like fresh shorts piling in to drive the price down; it looks more like longs de-leveraging and stopping out.
Aggressive trade delta is -31.7%, and the buy/sell ratio is 0.52, so selling pressure is clearly dominant. But structurally, price is down and OI is down too, which means positions are shrinking rather than shorts piling up.
The OI anomaly percentile is already at 98.4%, ranking #4 across the whole pool. That means this position change is extreme relative to its own history. 24h trading volume is 64M, so liquidity isn't bad.
I generally wouldn't chase shorts in this kind of setup. De-leveraging selloffs often rebound quickly too; the key is whether OI keeps collapsing or stabilizes from here. I'll wait and see.