According to on-chain data platform Arkham, a wallet address associated with Dragonfly has transferred 137 million SKY tokens to Coinbase, worth approximately $9.05 million at current prices. This holding, accumulated over several years, has now entered the exchange, raising concerns about potential selling pressure.

Bought five years ago, now the unrealized loss has widened.

Reports indicate that when these SKY shares were purchased from Binance, they were valued at approximately $20.45 million. Based on the valuation at the time of this transfer, this holding has shrunk by over $11.4 million since the initial purchase.

However, transferring tokens to an exchange does not necessarily mean immediate selling; it could also be used for liquidity arrangements or position adjustments. But when prices continue to weaken, such large transfers often exacerbate market caution.

• The transfer amounted to 137 million SKY tokens.
• Based on the current price, it is valued at approximately US$9.05 million.
• The price has shrunk by more than $11.4 million compared to the historical purchase price.

Selling pressure continued to dominate over the past week.

In addition to large on-chain transfers, SKY's trading data also shows a bearish bias. Coinalyze data shows that in the past week, the selling volume was approximately 579 million, and the buying volume was approximately 545 million, with the bid-ask spread falling to a negative 31 million, reflecting stronger selling pressure in the perpetual contract market.

The spot market was also weak. The report mentioned that there was a sell volume of about 42 million SKY in the spot market, which is basically consistent with the direction of the derivatives market, indicating that market participants as a whole still tend to be defensive.

The price fluctuated around $0.06.

SKY has been trading within a downward channel for several months after encountering resistance around $0.09. The article states that the token briefly fell to around $0.064, and at the time of writing, it was trading at approximately $0.065, representing a weekly decline of about 7%.

The original text mentioned that directional indicators still show that the bears are in control, and the RSI is also in a low range, indicating that sellers still have the initiative. If the weakness continues, $0.06 will remain a key level for the market.