$BTW This 15m move down is pretty sharp—-4.71%. Volume jumped to 1.55x, and it directly broke through the lower edges of nearly 20 consecutive 5m bars.
What’s interesting is the OI: the 15m contract is only -0.01%, while the notional still moved by 5.16M; the 1h contract is even more extreme—-8.82M (-8.07%). When price falls and OI drops, this is the classic deleveraging by longs, not new short positions pressing the move down.
The passive-vs-active trade difference is -10.6%, the buy/sell ratio is 0.81—there is sell pressure, but it’s not that panicky.
The abnormal percentile of OI is 93.1%. In the whole pool, abnormal #7 and notional change #3. Put these data in the entire pool, and it ranks quite high.
My take: it looks more like a drop caused by stop-losses and position contraction, not a trend-driven shorting. In the last 24h, there’s still 167M in trading value, so liquidity is fine. It has hit the boundary of the range—let’s first see if it can hold here.
What’s interesting is the OI: the 15m contract is only -0.01%, while the notional still moved by 5.16M; the 1h contract is even more extreme—-8.82M (-8.07%). When price falls and OI drops, this is the classic deleveraging by longs, not new short positions pressing the move down.
The passive-vs-active trade difference is -10.6%, the buy/sell ratio is 0.81—there is sell pressure, but it’s not that panicky.
The abnormal percentile of OI is 93.1%. In the whole pool, abnormal #7 and notional change #3. Put these data in the entire pool, and it ranks quite high.
My take: it looks more like a drop caused by stop-losses and position contraction, not a trend-driven shorting. In the last 24h, there’s still 167M in trading value, so liquidity is fine. It has hit the boundary of the range—let’s first see if it can hold here.