$BTC This drop came alongside a contraction in futures open interest. Notional open interest fell by nearly 28.5M over 15m, which looks more like longs being shaken out and deleveraging than new shorts entering and selling off. The buy/sell ratio is 0.86, aggressive trades are skewed toward selling, and the 5m Binance liquidation proxy at 893K is still concentrated on the sell side, so short-term stop-losses were indeed triggered in succession. However, the OI anomaly percentile is still at 81%, and the funding rate is also near a recent high percentile, indicating that positions haven’t been fully cleared out. First, let’s see whether this deleveraging can stabilize—don’t rush to buy the dip.