SKHY 24 hours fell from 170 to 155, down 7.7%. It never even showed a decent rebound; the day’s low at 151.7 stayed right under its feet. The most twisted part isn’t how much it fell, but how positions weren’t reduced during the drop: OI actually increased by 4.54% in the day. Maker sell orders made up 70%, while buy orders dropped to just 29%—this isn’t being bottom-caught; it’s shorts building positions while the price is falling.
Funding rates are effectively zero. Out of eight sampling points, only two were positive. Shorts add to positions without paying costs, so there’s no squeeze-fuel. Even the big players can’t hold up the long narrative anymore: about 60% of accounts are still holding longs, but the actual long-to-short position ratio has only slipped to 53%. The number of accounts is still shrinking, and the remaining longs are mostly scattered, small-size positions.
For spot, in five sampled intervals not a single large order got filled. As it went down, nobody stepped in. With no buyers willing to take the other side, this move isn’t a wash—it's a downward momentum driven by unwillingness to catch the fall.
Go short. First watch the previous low at 151.7—if it breaks, then keep going lower. There’s only one scenario where the view flips: price recaptures 156–157 and reclaims the area above the two moving averages, while large spot orders turn into continuous net inflows and the funding rate turns positive. Only then would shorts exit—no need to fight it out.
#skhy $SKHY
Funding rates are effectively zero. Out of eight sampling points, only two were positive. Shorts add to positions without paying costs, so there’s no squeeze-fuel. Even the big players can’t hold up the long narrative anymore: about 60% of accounts are still holding longs, but the actual long-to-short position ratio has only slipped to 53%. The number of accounts is still shrinking, and the remaining longs are mostly scattered, small-size positions.
For spot, in five sampled intervals not a single large order got filled. As it went down, nobody stepped in. With no buyers willing to take the other side, this move isn’t a wash—it's a downward momentum driven by unwillingness to catch the fall.
Go short. First watch the previous low at 151.7—if it breaks, then keep going lower. There’s only one scenario where the view flips: price recaptures 156–157 and reclaims the area above the two moving averages, while large spot orders turn into continuous net inflows and the funding rate turns positive. Only then would shorts exit—no need to fight it out.
#skhy $SKHY
