⚠️ $SAND finally showed where the leverage battle was going to break
A few days ago, funding was deeply negative while open interest kept climbing
Then leverage started leaving without price collapsing, which was a healthier sign
But healthier never meant bullish
📉 Now price has lost structure and open interest has kept falling with it
OI is down from roughly 413M $SAND to around 301M, while price is back near $0.066
That's a much cleaner deleveraging move than the crowded setup we started with
👀 Funding has turned more negative again, while top traders are still leaning slightly long
So I'm not reading this as “the flush is over”
I'm reading it as the market finally forced leverage out after the price structure failed
🧠 This is why I don't treat falling OI as automatically bullish
Falling OI while price holds can reduce risk
Falling OI while price breaks down means positions are being cleared because the trade is losing support
Deleveraging is only healthy if price can survive it
#CryptoRisk #futures $SAND
A few days ago, funding was deeply negative while open interest kept climbing
Then leverage started leaving without price collapsing, which was a healthier sign
But healthier never meant bullish
📉 Now price has lost structure and open interest has kept falling with it
OI is down from roughly 413M $SAND to around 301M, while price is back near $0.066
That's a much cleaner deleveraging move than the crowded setup we started with
👀 Funding has turned more negative again, while top traders are still leaning slightly long
So I'm not reading this as “the flush is over”
I'm reading it as the market finally forced leverage out after the price structure failed
🧠 This is why I don't treat falling OI as automatically bullish
Falling OI while price holds can reduce risk
Falling OI while price breaks down means positions are being cleared because the trade is losing support
Deleveraging is only healthy if price can survive it
#CryptoRisk #futures $SAND
