$NAORIS Introduction
This cryptocurrency derivatives visualization filter is a scatter plot of price changes vs. open interest changes on a 15-minute dimension, belonging to pr-oi type analysis, focusing on monitoring leverage structure and position crowding. The 15-minute interval is suitable for capturing the rapid movements of short-term capital and position adjustment behaviors, helping us observe the short-term rhythm of market leverage expansion or contraction.
Structural Overview
Overall clustering: The majority of cryptocurrencies are concentrated in the neutral zone near (0,0), indicating that the market has not experienced widespread extreme leverage changes or price fluctuations on a 15-minute dimension, and the overall structure is neutral.
Asymmetrical quadrant distribution: The number of coins in the upward quadrant (price increases) is greater than in the downward quadrant, and the changes in positions in the upward quadrant are more dispersed; the negative changes in positions of coins in the downward quadrant are larger, indicating that the strength of short position closing is relatively concentrated.
The overall structure leans towards slight leverage expansion, but a trend-oriented consistent direction has not yet formed, with localized characteristics of position rotation.
Anomaly analysis
NAORIS: Positioned at the extreme of the price ↑ + position ↑ quadrant, representing the most significant leverage expansion type increase coin within 15 minutes, indicating that funds are actively flowing in to establish long positions, with price increases driven by new leverage, and leverage expansion risks accumulating.
EGLD: Similarly located in the price ↑ + position ↑ quadrant, though the magnitude is smaller than NAORIS, it also exhibits clear characteristics of fresh funds chasing price increases, representing a typical trend-following accumulation structure.
UMA: Positioned at the extreme of the price ↓ + position ↓ quadrant, showing a price drop accompanied by a significant decrease in position, representing a typical long position closing/deleveraging drop, with short-term selling pressure coming from leveraged long exits.
API3, GHST: Located in the price ↓ + position ↓ quadrant, showing a price drop accompanied by a simultaneous decrease in position, structurally aligning with the characteristics of long positions actively closing out and deleveraging, with selling pressure coming from leveraged long stop-loss exits.
Observation list of coins
NAORIS: The coins with the most significant leverage expansion within 15 minutes, with clear characteristics of fresh funds actively chasing price increases, requiring attention to subsequent leverage sustainability and liquidity risk.
EGLD: Displays a clear structure of simultaneous price and position increases, belonging to varieties with high short-term fund recognition, monitoring leverage continuity.
UMA: A typical deleveraging drop, with sufficient release of long position closing pressure, observing whether a stop-loss signal appears.
API3: Price drop accompanied by a significant decrease in position, belonging to the structure of leveraged longs actively exiting, with short-term selling pressure possibly nearing its end.
MILK: Slight price drop but with a significant decrease in position, structurally leaning towards long positions actively closing out, with clear deleveraging characteristics.
desk analysis
Regime classification: The current market overall belongs to a mixed/rotating structure, with most coins in a neutral range, while also exhibiting localized leverage expansion and deleveraging behaviors.
Structural bias: There is a slight tendency for overall leverage expansion, but the variation in position changes of coins in the upward quadrant is quite large, indicating that funds have not formed a unified offensive direction, displaying characteristics of localized hot rotation.
Risk framework: If a large number of coins collectively enter the price ↑ + position ↑ quadrant subsequently, it will confirm the leverage expansion trend; if a large number of coins enter the price ↓ + position ↑ quadrant, it indicates that vulnerability is accumulating, and caution is needed for collective selling pressure risks.
Summary
In the 15-minute dimension, the overall leverage structure of the cryptocurrency derivatives market is relatively neutral, with localized characteristics of leverage expansion and deleveraging rotation. NAORIS and EGLD represent the direction of active short-term funds, while UMA and API3 reflect the exit pressure of leveraged longs. The market has not yet formed a trend-oriented leverage direction, showing localized hot rotation characteristics, and it is necessary to pay attention to whether consistent signals of leverage expansion or contraction appear subsequently.
This content is for structural research only and does not constitute any investment advice.