SKHY touched 164—just one step away from the 24-hour high at 165.15. With MA20 and MA50 all firmly underneath, and both the 4-hour and daily directions marked upward—yet this push of momentum is coming from old positions being topped up, not new money being injected. In the futures market, open interest was cut by 4.29% in a single day; the more the price rises, the more the positions shrink.
Real money is the most honest. Of eight fee-rate samples, only one flipped positive, and the average is still at -0.03%. On the futures side, no one is willing to pay to go long—on the active trades, buy orders make up only 39.7%, while sell orders press down, outmatching buys by a stretch. On the way up, most of the move is short covering, not fresh longs initiating positions. This kind of rally is most afraid that no one will step in to take the other side.
Even the big players are withdrawing. Over seven hours, the whales’ share of long positions—calculated by position size—fell by 3.34%; as the price climbed, they retreated rather than added. In the spot order book, the selling wall is still nearly twice the buying wall. With the 165 wall pressing over the top, a breakout can’t be achieved by shouting—it needs buyers.
So: short SKHY. First target is around 163, below the MA20. If it breaks, then look down further once the 161 trading range’s midline is lost. The risk is that short covering returns with force—if the fee-rate turns positive, open interest reverses upward, and active buys come back above 50%, it would signal new longs entering, and shorts would have to run. If 165.15 stands on volume, the view flips immediately. #skhy $SKHY
Real money is the most honest. Of eight fee-rate samples, only one flipped positive, and the average is still at -0.03%. On the futures side, no one is willing to pay to go long—on the active trades, buy orders make up only 39.7%, while sell orders press down, outmatching buys by a stretch. On the way up, most of the move is short covering, not fresh longs initiating positions. This kind of rally is most afraid that no one will step in to take the other side.
Even the big players are withdrawing. Over seven hours, the whales’ share of long positions—calculated by position size—fell by 3.34%; as the price climbed, they retreated rather than added. In the spot order book, the selling wall is still nearly twice the buying wall. With the 165 wall pressing over the top, a breakout can’t be achieved by shouting—it needs buyers.
So: short SKHY. First target is around 163, below the MA20. If it breaks, then look down further once the 161 trading range’s midline is lost. The risk is that short covering returns with force—if the fee-rate turns positive, open interest reverses upward, and active buys come back above 50%, it would signal new longs entering, and shorts would have to run. If 165.15 stands on volume, the view flips immediately. #skhy $SKHY
