$RAYSOL This wave dropped 1.44% on the 15m, but what’s really worth watching is the OI: 15m -2.23%, 1h -2.20%, meaning the notional shrank by more than $640k. Price is down + OI is down—typical long deleveraging, not new shorts entering. The funding rate is still in a high percentile recently; the long positions that were squeezed earlier are cutting losses now. The buy/sell ratio is 0.85, with aggressive selling in control, but volume is only 1.04x—no volume surge panic; it looks more like stop-loss orders are being slowly absorbed. The notional change across the whole pool ranks #35, with an abnormal percentile of 88.9%; it has been shrinking for several consecutive cycles. This signal is more interesting than just looking at the downside move. Over the past 24h there’s still $490M in volume, so liquidity is fine—it’s just a matter of when this deleveraging wave stops.