SkyAI liquidated more than 2 million $SOL at an average price of $107.51, cashing out $223.8 million and transferring the proceeds to a tender-offer buyback. This directly shattered the market’s previous one-way expectation that corporate treasuries would continue to hold their assets. The massive stop-loss exit puts more than $200 million of spot selling pressure on the market, but more importantly, it reflects the forced exit of institutional long positions amid deleveraging and efforts to limit exposure, directly dampening the risk appetite of marginal buyers.
Although the spot sell-off has already been executed on-chain, the deeper risk lies in a reversal of liquidity expectations. When a shareholder holding 9.99% challenges the liquidation and calls for an independent investigation, it signals that turmoil in corporate governance could further deter new buyers from entering the market. For bulls to hold daily-chart support, they must demonstrate that the secondary market has enough organic liquidity to absorb these outflows. If other treasury-backed entities follow suit with further selling, the support floor will be forced lower.
During the window leading up to the tender offer’s expected completion in late October, a recovery in derivatives open interest and a narrowing of the spot discount will be key signals of buyer confidence. If the market continues to post weak, low-volume rebounds above key liquidation zones, a second liquidity shock should be treated as a risk. Only after spot buyers absorb corporate selling pressure through high-volume trading will the market structure have a basis for building a new floor.
Although the spot sell-off has already been executed on-chain, the deeper risk lies in a reversal of liquidity expectations. When a shareholder holding 9.99% challenges the liquidation and calls for an independent investigation, it signals that turmoil in corporate governance could further deter new buyers from entering the market. For bulls to hold daily-chart support, they must demonstrate that the secondary market has enough organic liquidity to absorb these outflows. If other treasury-backed entities follow suit with further selling, the support floor will be forced lower.
During the window leading up to the tender offer’s expected completion in late October, a recovery in derivatives open interest and a narrowing of the spot discount will be key signals of buyer confidence. If the market continues to post weak, low-volume rebounds above key liquidation zones, a second liquidity shock should be treated as a risk. Only after spot buyers absorb corporate selling pressure through high-volume trading will the market structure have a basis for building a new floor.