$US Just got wrecked—over the next 15 minutes, it dropped 7.63%. The trading volume is about 3 times the usual. This clearly looks like longs are cutting losses and deleveraging; OI also shrank by $1.7M. Price has already broken below the lower bound of the recent 5-minute range, and passive sell orders are in control, with the buy/sell ratio at 0.82. This kind of extreme volatility with heavy volume: either it’s the tail end of the panic, or the start of a new liquidation wave. Keep an eye on it—don’t rush to bottom-pick.