Why is Sky down today?

Sky's 4% drop comes without any Sky-specific news. The move tracks a broader crypto selloff that has hit leveraged traders hard: Bitcoin cracked below $82,000 on Monday evening, triggering nearly $489 million in liquidations over 24 hours with bullish bets accounting for more than 83% of the damage. A wider count put the 24-hour liquidation wave at $774.14 million, with longs absorbing $688.56 million as macro and geopolitical pressures weighed on risk assets.

SKY is underperforming that backdrop — down 4% on the day and 12.1% over the week, against Bitcoin's 0.6% and 2.5% declines. That gap is typical for mid-cap alts in a deleveraging tape, and it is amplified by thin liquidity: $13.42 million of 24-hour volume against a $1.82 billion market cap means modest selling moves the price.

Other sector headlines add to the cautious tone, including South Korea's move to block access to 27 crypto websites, among them KuCoin and MEXC, with regulators acknowledging customers may struggle to withdraw assets.