STG This drop is somewhat interesting—within 15 minutes it’s down -1.94%, volume surged to more than 6x, and the price also broke below the recent 5-minute K-line range low. But the interesting part is that OI dropped in sync by nearly 2%—the contract notional open interest shrank by 126K. This doesn’t look like a simple new short entry and selloff; it feels more like longs getting stopped out and deleveraging. The buy-sell ratio is 0.66, and sell pressure from takers is clearly in the lead. The funding rate is still maintained at a high percentile recently, which suggests the long positions’ costs aren’t low. At this level, it really has the strong “forced cutting” flavor.

In the abnormal pool rankings: #28 overall, and notional change: #40. With this structure, it’s not exactly a healthy rebound—more like a round of cleansing. Don’t rush to bottom-fish; first see whether price can hold steady below the range before anything else.