SKY whale moves 137 mln tokens: Is a sell-off coming as price struggles near $0.060？
With the $SKY market remaining relatively calm, long-term holders have begun to reposition. According to Arkham data, an address linked to dragonfly_xyz transferred 137 million $SKY, worth $9.05 million, to Coinbase. These tokens were purchased from Binance five years ago, valued at approximately $20.45 million. Source: Arkham Since then, $SKY has faced extreme downward pressure. Now, these tokens have lost over $11.4 million in value. The token transfer to exchanges could either mean preparation to sell or liquidity exposure. If sold, the sale would result not only in $11 million in losses for the holder but also cause significant market pressure on $SKY. $SKY remains highly bearish In addition to this major market transfer, most of the $SKY market participants remain skeptical. On Binance, for example, sellers have dominated the market over the past month. Source: Coinalyze According to Coinalyze data, $SKY recorded 579 million in sell volume over the past week, while buy volume dropped to 545 million. Over this period, the Buy Sell Delta dropped to -31 million, a clear sign of aggressive perps selling. On the spot side, the altcoin saw 42 million in sell volume, further confirming this market skepticism. Traditionally, when sellers dominate the market, market structure weakens, and more price chart losses follow. Source: CoinalyzeWhats