$BR this wave looks more like the longs are unwinding themselves rather than the shorts smashing aggressively.
On the 15m timeframe, it’s down 1.6%, volume is only 0.96x, and volatility isn’t big. But on the OI side, 15m is -1.58% and 1h is -3.65%. Nominally it’s reduced by nearly 1 million U; price is down while open interest is also down. This is a typical long de-leveraging, stopping out, or actively reducing positions. Active turnover is -9.8%, buy/sell ratio is 0.82—there is selling pressure, but it doesn’t look out of control.
Over 24h, turnover is 552M, and the abnormal percentile in the pool is 78.4%. The nominal change is for the whole pool #12, which suggests it’s not just small-scale action. Structurally, it looks more like positions are being cleared rather than new shorts coming in to take over. In this situation, chasing shorts is likely to get hit by a rebound, and bottom-fishing also needs to wait for OI to stabilize.
First, see if it can wash out the leverage cleanly before anything else.
On the 15m timeframe, it’s down 1.6%, volume is only 0.96x, and volatility isn’t big. But on the OI side, 15m is -1.58% and 1h is -3.65%. Nominally it’s reduced by nearly 1 million U; price is down while open interest is also down. This is a typical long de-leveraging, stopping out, or actively reducing positions. Active turnover is -9.8%, buy/sell ratio is 0.82—there is selling pressure, but it doesn’t look out of control.
Over 24h, turnover is 552M, and the abnormal percentile in the pool is 78.4%. The nominal change is for the whole pool #12, which suggests it’s not just small-scale action. Structurally, it looks more like positions are being cleared rather than new shorts coming in to take over. In this situation, chasing shorts is likely to get hit by a rebound, and bottom-fishing also needs to wait for OI to stabilize.
First, see if it can wash out the leverage cleanly before anything else.