Prices are rising, money is running—within 24 hours, it climbed 1.11%, while contract open positions were cut by 12% in a day; then over the next 7 hours, they were reduced again by 11%. This move isn’t a long-side offensive. It’s shorts covering, pushing the price up: no one is adding new positions—just returning the borrowed leverage.
With open interest collapsing so cleanly, it basically indicates this rally isn’t backed by leveraged capital. In the active trades, the buy side is down to only 44.8%, while the sell side is 55%, with the long/short ratio at 0.81. At the contract end, it’s clear who is actively buying and who is seizing the chance to unload—everything is written plainly on the order book.
Now look at the whales: the long account share is still above half (54.9%), but they cut another 12.47% over 7 hours. In this rebound, whales have been reducing positions all the way. On the spot order book, there are buy orders with nearly 2x thickness (1.99), but net inflow from large orders is zero—those thick buy orders are just posted, with no real cash coming in.
So I’m not going long this move. Short directly around 161.7; it’s a more comfortable place to short again if the rebound reaches the 24-hour high area around 163.5. This is a squeeze, not the main run-up—once the squeeze ends, there’s no one to take over.
What signal would make me change my mind? Spot large orders net inflow turning positive, open interest stacking back up, and volume breaking out and standing above 163.5—any one of those would indicate new money has entered and shorts should exit. #skhy $SKHY
With open interest collapsing so cleanly, it basically indicates this rally isn’t backed by leveraged capital. In the active trades, the buy side is down to only 44.8%, while the sell side is 55%, with the long/short ratio at 0.81. At the contract end, it’s clear who is actively buying and who is seizing the chance to unload—everything is written plainly on the order book.
Now look at the whales: the long account share is still above half (54.9%), but they cut another 12.47% over 7 hours. In this rebound, whales have been reducing positions all the way. On the spot order book, there are buy orders with nearly 2x thickness (1.99), but net inflow from large orders is zero—those thick buy orders are just posted, with no real cash coming in.
So I’m not going long this move. Short directly around 161.7; it’s a more comfortable place to short again if the rebound reaches the 24-hour high area around 163.5. This is a squeeze, not the main run-up—once the squeeze ends, there’s no one to take over.
What signal would make me change my mind? Spot large orders net inflow turning positive, open interest stacking back up, and volume breaking out and standing above 163.5—any one of those would indicate new money has entered and shorts should exit. #skhy $SKHY
