Price bounced back to 160.9, yet it’s still lying below the 20-line; within four hours, it’s been grinding back and forth through three yang and three yin. On the surface, the active buying pool makes up 66% and looks fierce—but the fuel for this rebound has been wrong from the very beginning.
Open interest was cut by 12% in one day, and over the past seven hours it shrank again by nearly 10%. Price didn’t fall and actually rose—this only makes sense in one scenario: shorts are covering. Covering pushes the price up. It isn’t new money entering; once they cover, it’s gone. The funding rate is still hovering near zero, and longs won’t even pay a tiny premium. So who is really chasing longs?
What’s truly eye-catching is the big players. Over those seven hours, large accounts cut their long positions by 16%, and the long-vs-short ratio keeps slipping downward. As for spot, large orders show net inflows for five consecutive bars—every single one is zero, with no “real gold and silver” put in by the main force during this rise. The only thing lifting the sedan chair now is small orders and the covering bids.
So SKHY goes short. This is a paper-market move: shorts covering plus small orders lifting the price. The big players are using the rebound to distribute. The risk is that once spot large orders turn positive, open interest resumes expanding and stacking up again, and the price holds above 162, it would indicate that new longs are actually entering—not just covering. In that case, the view flips to bullish immediately.
#skhy $SKHY
Open interest was cut by 12% in one day, and over the past seven hours it shrank again by nearly 10%. Price didn’t fall and actually rose—this only makes sense in one scenario: shorts are covering. Covering pushes the price up. It isn’t new money entering; once they cover, it’s gone. The funding rate is still hovering near zero, and longs won’t even pay a tiny premium. So who is really chasing longs?
What’s truly eye-catching is the big players. Over those seven hours, large accounts cut their long positions by 16%, and the long-vs-short ratio keeps slipping downward. As for spot, large orders show net inflows for five consecutive bars—every single one is zero, with no “real gold and silver” put in by the main force during this rise. The only thing lifting the sedan chair now is small orders and the covering bids.
So SKHY goes short. This is a paper-market move: shorts covering plus small orders lifting the price. The big players are using the rebound to distribute. The risk is that once spot large orders turn positive, open interest resumes expanding and stacking up again, and the price holds above 162, it would indicate that new longs are actually entering—not just covering. In that case, the view flips to bullish immediately.
#skhy $SKHY
