Levolytics Research #15: Don't Get Too Comfortable
First Chart Free | Edition #15
Introduction
Welcome to the newest edition of Levolytics Research! The home of actionable data. If you enjoy the research, please subscribe and share our work with friends and colleagues, and follow @levolytics + @permabullnino on X, the Everything App.
Special Notes
The Levolytics team is hard at work on getting our charting website up and running for our paid subscribers
Projected launch: Q1 2026
Our Take on the Market
Macro Analysis
Metric Description:
Metric: Consecutive Period Count of Positive or Negative Values for Average Open Interest per Perp Pair 30-Day Z-Score
Positive value = OI for the average altcoin perpetual swap pair has been increasing consistently over x periods (i.e. z-score has been consistently positive)
Negative value = OI for the average altcoin perpetual swap pair has been decreasing consistently over x periods (i.e. z-score has been consistently negative)
This metric bottomed at -310 on January 1st, 2026 = 310 periods in a row = 50+ days
Metric uses 4hr candles
Metric Takeaway:
This is one of the longest periods of open interest contraction in Altcoin perpetual swap history. The only comparable periods to the one we just experienced are:
