$ONDO This drop is kind of interesting.
The price fell 1.16%, but OI is also declining in sync—15m contracts -0.38%, 1h -0.41%, with notional value down by over 2 million U. This doesn’t look like new shorts coming in to smash the market; it feels more like the longs are withdrawing themselves—stopping out or reducing positions—there are strong vibes of deleveraging.
Look at the aggressive trade delta: -36.2%, and the buy-sell ratio is 0.47. Selling pressure does dominate, and the close also broke below the lower edge of the last ~20 5m candles. Volume is 3.06x, and the volatility Z is 3.14. The pace isn’t like a single needle drop and done; instead, multiple consecutive cycles are continuing.
The funding rate is still in the recent high percentile—this suggests the previous longs were really crowded. Now this move looks more like cooling down overheated positioning.
Whole pool anomaly #36, notional change #8—not the most extreme, but depth confirmation is certainly there. My take: first, see when this deleveraging wave stops. Only when OI stops falling and the price can reclaim above the lower edge of the range is there something to talk about. Chasing shorts right now isn’t great value, and chasing longs is even worse—basically taking a falling knife. Let it drop cleanly first.
The price fell 1.16%, but OI is also declining in sync—15m contracts -0.38%, 1h -0.41%, with notional value down by over 2 million U. This doesn’t look like new shorts coming in to smash the market; it feels more like the longs are withdrawing themselves—stopping out or reducing positions—there are strong vibes of deleveraging.
Look at the aggressive trade delta: -36.2%, and the buy-sell ratio is 0.47. Selling pressure does dominate, and the close also broke below the lower edge of the last ~20 5m candles. Volume is 3.06x, and the volatility Z is 3.14. The pace isn’t like a single needle drop and done; instead, multiple consecutive cycles are continuing.
The funding rate is still in the recent high percentile—this suggests the previous longs were really crowded. Now this move looks more like cooling down overheated positioning.
Whole pool anomaly #36, notional change #8—not the most extreme, but depth confirmation is certainly there. My take: first, see when this deleveraging wave stops. Only when OI stops falling and the price can reclaim above the lower edge of the range is there something to talk about. Chasing shorts right now isn’t great value, and chasing longs is even worse—basically taking a falling knife. Let it drop cleanly first.
