$IN has made a pretty sharp move here, up +4.33% in 15m. But what really caught my attention is OI: contract open interest is up 3.23% over 15m and +3.42% over 1h, with notional exposure building across the board. That’s a classic sign of new leveraged longs entering—not the kind of fake rally driven by short covering.
The OI anomaly percentile has already hit 95%, ranking
#11 across the entire pool, and the funding rate is also in a high percentile recently. Price is rising, open interest is rising, and funding is expensive. Taken together, this means longs are getting crowded at an accelerating pace, and the market is already close to historical extremes.
The taker flow delta is +4.4%, with a buy/sell ratio of 1.09, so buyers do have the edge. But 15m volume is only 0.83x—not enough to confirm the price move. This structure is either being driven by leverage, or sentiment is simply getting ahead of itself.
24h trading volume is 32.69M, and liquidity isn’t especially deep. If OI starts unwinding from a slope like this, the rush for the exits could get ugly. If you’re chasing longs, decide where your stop goes first—don’t just fixate on that green candle.