How SKY crypto’s 12% price drop raises the risk of further losses
Sky [$SKY] had one of the most notable declines in the past day. The asset has since plunged by 12% at press time, as bearish pressure continues to kick in, forcing the price lower.
Market analysis indicates that further decline isn’t off the table and that investors need to be more wary, as capital flow and losses recorded in the past day still carry a major risk of further decline.
The Whale Retail Delta has a reading of 0.288 as of writing, a surge from its previous day’s level, confirming that whale activity in the market increased over this period.
Whale activity is already affecting the market, with a large disparity between the losses recorded by long and short traders over the past 24 hours.
Long traders lost around $63,000, while short traders in the market lost a meagre $84 within the same period. This represents roughly 750 times more losses recorded by longs than shorts over the same period, suggesting the scale of whale involvement in the market and how much it can impact price dynamics.
Derivatives data points to further downside
The perpetual market has provided the clearest indication that a potential decline could be ahead for $SKY in the coming trading sessions.
This comes as the Funding Rate turns negative, reading -0.0008% at the time of writing. Notably, the Funding Rate began declining from 0.0079% in the early hours of the 8th of October to its present level.
Sky [$SKY] had one of the most notable declines in the past day. The asset has since plunged by 12% at press time, as bearish pressure continues to kick in, forcing the price lower.
Market analysis indicates that further decline isn’t off the table and that investors need to be more wary, as capital flow and losses recorded in the past day still carry a major risk of further decline.
The Whale Retail Delta has a reading of 0.288 as of writing, a surge from its previous day’s level, confirming that whale activity in the market increased over this period.
Whale activity is already affecting the market, with a large disparity between the losses recorded by long and short traders over the past 24 hours.
Long traders lost around $63,000, while short traders in the market lost a meagre $84 within the same period. This represents roughly 750 times more losses recorded by longs than shorts over the same period, suggesting the scale of whale involvement in the market and how much it can impact price dynamics.
Derivatives data points to further downside
The perpetual market has provided the clearest indication that a potential decline could be ahead for $SKY in the coming trading sessions.
This comes as the Funding Rate turns negative, reading -0.0008% at the time of writing. Notably, the Funding Rate began declining from 0.0079% in the early hours of the 8th of October to its present level.