This latest ACT sell-off, with price and OI falling in tandem, looks more like longs deleveraging. 15m volume is 2.34x, suggesting this isn’t simply a low-volume grind down—real positions are being pulled out. The OI anomaly percentile is 97.8%, ranking #2 across the entire pool, and it has persisted for several consecutive periods. Combined with funding rates sitting in a recent high percentile, this suggests longs were indeed quite crowded beforehand. What we’re seeing now is crowded positions actively contracting, rather than new shorts driving the decline: price and OI are falling together, while the aggressive trade differential is still 6.7% and the buy/sell ratio is 1.14, suggesting buyers are absorbing supply at this level. 24h turnover is 44M, so liquidity isn’t particularly deep. Although the notional change in OI is only -275K, repeated reductions have already loosened the leverage structure. Chasing shorts here risks getting caught in a rebound; wait for the price to stabilize and see whether longs regroup.