The SKY token dropped 12% in one day, driven by intense whale activity in the market. Long traders recorded losses of approximately $63,000, which is 750 times more than short traders who lost only $84. The funding rate turned negative at -0.0008% and open interest declined by 13% to approximately $51 million, signaling a weakening of the perpetual contracts market. However, Sky Protocol’s on-chain fundamentals remain solid, with $969,513 in fees generated on October 7th and $189,000 in revenue for token holders.
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