SKY Jumps 14% as Open Interest Climbs 27%, but Spot Traders Sell
- —SKY rose 14% in 24 hours amid growing open interest
- —Open interest rose 27% to $39 million, with the funding rate climbing
- —Spot traders sold $363,000 over three days, with netflow at $788,000
- —TVL rose $569 million on September 17 without a rise in fees
Why it matters: The divergence between perpetual longs and spot selling casts doubt on the sustainability of SKY's rally without an inflow of spot capital.
Source: AMBCrypto