SKHY is around 164u right now. I saw a bit of a rebound earlier yesterday, but today the data totally changed its mind.
In the previous post, I even said that the passive buy side was in control by about 60%, and that it might try to get back to the pivot point and move upward. But after a day, the situation flipped completely: the buy ratio has dropped to just over 40%. The sell side’s order volume is stronger than the buy side’s, and over the past few hours,主动 trades have also clearly increased in volume—this move is more driven by sellers being more proactive.
The derivatives market is also cooperating. Open interest shrank by nearly 10% in one day, yet the price is still moving downward. That combination doesn’t look like fresh capital entering—it looks more like the longs are withdrawing.
The whales’ data is even more obvious: over seven hours, the whale long share dropped by almost seven percentage points, directly falling below 50%. The big money that was bullish earlier is now trimming.
Even the order book isn’t totally without resistance. The buy wall below is slightly thicker than the sell wall. Around the 24-hour low near 162.7, there’s been consistent buying support. The funding rate is staying around zero, and longs aren’t overcrowded—so I don’t think this is a collapse. It feels more like grinding.
My read on this level is short-term bearish: the rebound is extinguishing, sell pressure dominates, and chasing longs isn’t cost-effective. Don’t chase—wait for this pressure wave to dissipate. After that, pull back to the lower area and then we’ll see how the bids hold.
#skhy $SKHY
In the previous post, I even said that the passive buy side was in control by about 60%, and that it might try to get back to the pivot point and move upward. But after a day, the situation flipped completely: the buy ratio has dropped to just over 40%. The sell side’s order volume is stronger than the buy side’s, and over the past few hours,主动 trades have also clearly increased in volume—this move is more driven by sellers being more proactive.
The derivatives market is also cooperating. Open interest shrank by nearly 10% in one day, yet the price is still moving downward. That combination doesn’t look like fresh capital entering—it looks more like the longs are withdrawing.
The whales’ data is even more obvious: over seven hours, the whale long share dropped by almost seven percentage points, directly falling below 50%. The big money that was bullish earlier is now trimming.
Even the order book isn’t totally without resistance. The buy wall below is slightly thicker than the sell wall. Around the 24-hour low near 162.7, there’s been consistent buying support. The funding rate is staying around zero, and longs aren’t overcrowded—so I don’t think this is a collapse. It feels more like grinding.
My read on this level is short-term bearish: the rebound is extinguishing, sell pressure dominates, and chasing longs isn’t cost-effective. Don’t chase—wait for this pressure wave to dissipate. After that, pull back to the lower area and then we’ll see how the bids hold.
#skhy $SKHY
