📉 ICP today falls nearly 8% – the market is looking very bad

Quick summary for everyone:

🔴 1) Long/Short ratio of top traders: Short dominates
• Short sellers have dominated for many days.
• Large traders are strongly leaning towards a bearish trend → clear bearish sentiment.

🔴 2) Slightly positive funding rate
• Funding > 0 → Long must pay Short.
→ It means that there are people trying to hold Long, but the market is still being sold off heavily.

🔴 3) High and flat Open Interest when the price falls
• OI does not fall according to the price → the position has not been liquidated.
→ This is a sign that the bear trend is still ongoing or preparing for a strong sweep.

🔴 4) Taker volume leans towards the selling side
• Red candles ( actively sell ) dominate.
• The buying momentum is not present → no support to reverse.

🔴 5) Basis falls deeply
• Non-premium futures → the market does not expect prices to rise.

🎯 Quick conclusion
• ICP is strongly bearish.
• Should not Long at this time.
• If Short, set SL carefully because there can easily be a small (trap ), but there is not yet a real reversal signal.