Price has fallen back to this round’s low. In the past 24 hours, it’s down 4.4%. Everyone’s blaming the longs for lacking backbone. But the whales’ long positions actually increased by 11.3% over the last 7 hours, and the share of long positions in accounts has surged to 59.5%. The whole market is selling, yet the ones absorbing the buys are the largest group of accounts.
Among retail traders, 55% of their balance is still long, and those longs are getting smashed. The sell wall is overwhelming the buy wall—buy volume is being suppressed by sell-side volume (active buying accounts for only 45%). However, in the spot order book, the bid side is thicker than the ask side by 17%: the bids are getting filled quietly while the asks are getting hit—people on the spot side are taking it without saying a word. Across eight funding-rate cycles, it’s been hovering at 0. The longs aren’t using extra leverage, and they’re not getting squeezed. This drop is a sentiment-driven shakeout, not a trend reversal.
Open interest rose by 4.5% in a day. New money is entering, yet it still can’t hold the price up against the downward pressure—classic downward washout. When whales were at their heaviest position, they added longs against the trend, essentially using real funds to bet that this is the final sell-off.
I’m bullish. Around 158, the whales are lifting me up. The price to pay is that they might be wrong: if it breaks below the 24-hour low at 157.3, it means they can’t hold up either, and I’ll immediately flip the other way.
#skhy $SKHY
Among retail traders, 55% of their balance is still long, and those longs are getting smashed. The sell wall is overwhelming the buy wall—buy volume is being suppressed by sell-side volume (active buying accounts for only 45%). However, in the spot order book, the bid side is thicker than the ask side by 17%: the bids are getting filled quietly while the asks are getting hit—people on the spot side are taking it without saying a word. Across eight funding-rate cycles, it’s been hovering at 0. The longs aren’t using extra leverage, and they’re not getting squeezed. This drop is a sentiment-driven shakeout, not a trend reversal.
Open interest rose by 4.5% in a day. New money is entering, yet it still can’t hold the price up against the downward pressure—classic downward washout. When whales were at their heaviest position, they added longs against the trend, essentially using real funds to bet that this is the final sell-off.
I’m bullish. Around 158, the whales are lifting me up. The price to pay is that they might be wrong: if it breaks below the 24-hour low at 157.3, it means they can’t hold up either, and I’ll immediately flip the other way.
#skhy $SKHY
