AVAX

AVAX OI currently at 4.656M contracts, down -1.82% over 48h window (from 4.742M). Continued deleveraging from prior flush (5.18M → 4.70M) with OI now pressing to 48h low of 4.582M before partial recovery. Price dropped sharply from $8.887 to $8.325 (Feb 23 01:00 climax_down candle with 1.43M volume spike) then stabilized in $8.25–$8.42 range. OI-price correlation: falling OI + falling price = exhaustion/capitulation pattern. Funding rate unavailable from Bybit API but order book shows 2.15:1 bid/ask imbalance ($375K vs $175K) suggesting residual long bias. Key liquidation clusters: short liquidations at $7.92–$8.25 (25x–100x), long liquidations at $9.09–$9.36. Volume-OI divergence: Feb 23 01:00 saw 1.43M volume climax with OI dropping sharply (4.701M → 4.582M by 10:00), confirming aggressive position closure not new entry. Partial OI recovery to 4.720M (Feb 23 21:00–23:00) then renewed decline to 4.636M signals continued deleveraging risk. Unfilled bullish FVG at $8.767–$8.427 acts as magnet. POC at $8.43 aligns with current consolidation. Actionable: OI stabilization needed above 4.65M before bullish re-entry; watch for OI expansion above 4.75M to confirm trend resumption.