SKY drops 12% as whale activity and negative funding signal more downside
- —SKY fell 12%, with longs losing $63K versus $84 for shorts
- —Funding rate dropped from 0.0079% to -0.0008%
- —Perpetual open interest declined 13% to about $51 million
- —Sky protocol fees rose to $969,513 on October 7
Why it matters: Negative funding and shrinking open interest point to further downside risk for SKY despite the protocol's steady on-chain fundamentals.
Source: AMBCrypto