As of April 8, East Eight Time, the on-chain addresses 0x3d4 and 0x18e of this multi-signature wallet are systematically executing a long-term purchase plan for 5 million USDC of SKY using the CoW Swap TWAP (Time Weighted Average Price) feature. Public data indicates that approximately 2.431 million USDC has been traded so far, buying about 35.77 million SKY, with an average trading price of approximately $0.068. On one hand, there is a mechanical rhythm, a long-term buying action advancing hourly; on the other hand, there is a short-term sentiment rapidly heating up around price fluctuations and the “whale narrative.” This rhythm misalignment is injecting a structural force into the price and liquidity of SKY that retail investors may not easily notice.

Slow Purchasing by Multi-Signature: 5 Million USDC Entering the Market in Batches

This round of systematic buying of SKY did not just start today. According to on-chain data, as early as February 2026, around 5 million USDC was sequentially injected into the multi-signature wallet 0x3d4/0x18e, and then began to issue long-term TWAP orders via CoW Swap, breaking down this capital into finely granular small orders, slowly purchasing over a longer time window. April 8 is merely a point of concentration for this strategy, not the true starting point of the capital's actions.

In terms of rhythm, the current TWAP parameter is set at around 1252 USDC per hour, which theoretically means about 30,000 USDC of passive buying pressure should steadily enter the market daily. At this speed, 2.431 million USDC has been executed so far, accounting for nearly half of the total plan of 5 million USDC, corresponding to purchases of 35.77 million SKY. In this process, the average transaction price is locked at around $0.068, roughly outlining the cost range of this long-term investment fund.

In other words, the current "cost band" of the multi-sign funds is roughly concentrated around $0.068, and short-term price volatility around this level will directly influence the unrealized gains/losses of this long-term fund. At the same time, there are still approximately 2.569 million USDC yet to be executed, and whether or how quickly these funds will enter the market will continue to restrict and support subsequent buying pressures: if the TWAP continues at the current pace, the market can rely on this “fixed buying pressure” for quite some time; but once the rhythm adjusts or pauses, the price performance may quickly reveal the true natural buying and selling structure.

The TWAP Mechanism of CoW Swap and What This Order Is Doing

To understand this 5 million USDC buying plan, it’s crucial to clarify the logic behind the execution of CoW Swap and its TWAP function. CoW Swap is an aggregation-based matching and bidding system that essentially helps large orders find better trading paths between various liquidity sources. Its TWAP function decomposes a large order with a set total amount into smaller orders that are evenly distributed over time, executed across multiple time points and counterparties.

Unlike a one-time “market price buying,” the core goal of TWAP is: to complete the target quantity as close to the time-weighted average price as possible within a given time window while minimizing the impact on immediate prices. In the case of SKY, the fixed rhythm of 1252 USDC per hour essentially splits the 5 million USDC into thousands of tiny fragments entering the market, making each transaction's traces on the candlestick and order book relatively less intense.

However, since the briefing did not disclose the complete depth and liquidity status of SKY, currently what can be confirmed are only the transaction results — 2.431 million USDC bought 35.77 million SKY, at an average price of $0.068. Under the premise of unknown true order book thickness, this continuous, passive small-order buying can indeed weaken slippage at any single moment in the short term, but it cannot completely avoid cumulative impacts: if natural selling pressure is limited, every small order will push up the transaction price in relatively thin selling zones, forming typical TWAP curve characteristics of slowly raising, dispersed transactions.

From another perspective, if the same 5 million USDC were used to sweep the market price all at once in a short time, the candlestick often shows a sudden spike + high position retraction “needle-like” structure, with trades primarily concentrated in very few time points and price ranges. TWAP, however, seems to “grind prices” over a longer period: transactions are stretched along the time axis, the buying pressure persists like background noise, and the price curve becomes smoother. The basic premise is — the asset must have sufficient natural liquidity; otherwise, behind the smooth surface, is still manipulated flow dominating the price.

Price of Low Liquidity Tokens: A Process “Sculpted” by Rhythm

For low liquidity assets, “fixed rhythm continuous buying” itself becomes part of the price discovery mechanism. For SKY, if the natural trading volume and order book depth are limited, then the passive buying of 1252 USDC per hour is not merely “following the market price to transact,” but subtly sculpting the price path for the near future. Sellers can sense the persistent buying pressure, gradually raising their order prices, and the bid-ask spreads may widen in the absence of competing counterparties.

In such an environment, TWAP buying will alter order placement behaviors: some sellers who would originally be willing to transact at lower prices may choose to withdraw their orders and raise their prices because they see large orders gradually eating into the market; another more aggressive segment of sellers may seek to capitalize on short-term arbitrage multiple times as prices are slowly pushed higher, thus creating a more fragmented, more dispersed selling structure that enhances price stickiness. Bid-ask spreads widen, and the reality of available depth thins; yet on the chart, prices may be depicted as a “steady rise” trend.

Once this strategic, passive long-term buying coincides with short-term FOMO driven by market narrative, a mismatch effect can easily occur: the TWAP buying is executed methodically backstage, while short-term funds rush in dramatically around themes of “whale buying” and “institutional positioning.” The result is that part of the price increase derives from structural buying, and part from emotional chasing, reinforcing each other and causing observers to overestimate the “natural demand” for this asset. In the absence of transparency regarding SKY’s fundamentals and liquidity, this price signal, reinforced by a single strategy and emotional narrative, inherently carries a structural risk of being amplified and misread.

Whales Calling for Bullish Sentiment and On-Chain Tracking: A Place Where Retail Investors Can Easily Be Led

Beyond the financial strategies, the narratives on social media are also accelerating the attention towards this event. The contract whale @Jason60704294 publicly stated that it is currently a “good opportunity to position in technology/crypto assets.” It is important to emphasize that this statement comes from a single source, and the actual control relationship with the multi-signature wallet 0x3d4/0x18e has not been verified on-chain, but the wording itself is sufficient to guide a bullish sentiment around the issue.

Meanwhile, on-chain analyst @EmberCN continues to track this multi-signature wallet and relays the originally technical behavior of “long-term TWAP buying” into a more easily spread market story across multiple platforms. Each transaction update from the multi-signature gradually becomes an emotional anchor point for retail investors observing the “smart money movement,” significantly amplifying the market attention towards the event and increasing the likelihood that short-term funds will “follow the trade.”

When institutional TWAP accumulation and retail FOMO narratives overlap, the issue of timing misalignment becomes prominent: the former is slowly advancing by the hour, following rules, while the latter often completes emotional entries and exits within a few candlesticks. Once emotional funds collectively stop-loss during price pullbacks and the TWAP buying has not completed all plans, or has slowed, a short-term liquidity crunch could occur—retail investors panic and sell off, while the TWAP buy orders continue to absorb according to the set rhythm, leading to severe price fluctuations but with actual buyers being very concentrated.

In this context, distinguishing between verifiable on-chain behaviors and social media emotional noise becomes crucial:

● On-chain data can only confirm “how much SKY a certain wallet bought at a certain rhythm,” but it cannot deduce the true identity, investment logic, or final intentions of the controller.

● The “whale opinions” and “positioning speculations” on social platforms mostly belong to unverifiable narrative amplifications, suitable for emotional reference but not as hard evidence for position decisions.

Funding Landscape Portrait: Who Is Bearing This Long-Term Buying?

In the absence of detailed fundamentals for SKY as well as comprehensive disclosures on liquidity and position distribution, the current funding profile can only be sketched based on visible on-chain flows and transaction data. Superficially, the multi-signature wallets 0x3d4/0x18e are the “central figures” in this buying spree, with an actual outlay of 2.431 million USDC corresponding to a holding volume of 35.77 million SKY, which has formed a notable large chip pool in the short term. However, the origins of the capital behind this wallet, its style preferences, and risk tolerance are not provided in the briefing, and it is impossible for outsiders to reliably judge whether it is a true long-term “value buyer” or a temporary strategy executor.

In terms of proportion, 2.431 million USDC/5 million USDC means that the current plan has only executed about half, and whether the remaining 2.569 million USDC will be fully deployed in the market and how will impose strict constraints on the medium and short-term price range:

● If the current pace continues, SKY will enjoy an “invisible support band” for a while—every hour’s approximately 1252 USDC passive buying reduces the probability of single large declines, but also increases the difficulty of price corrections.

● If at some point, the TWAP pauses or even ends, the market will directly confront the true strength of natural orders and natural demand after losing this fixed buying band, potentially leading to a sharp decrease in trading volume, widening bid-ask spreads, and even short-term “disintegration.”

For ordinary participants, the more realistic risk lies in: what proportion of current price actions comes from “genuine, sustainable bullish demand,” and what proportion is driven by singular strategy capital and narrative following. Once this long-term buying strategy alters its rhythm or terminates, the price and position structure it leaves behind may not be as healthy as presented in the candlestick chart. Therefore, rather than attempting to guess the identity of the institution or individual behind 0x3d4/0x18e, attention should be focused on the verifiable behavioral patterns of the wallets—whether it continues to accumulate, whether it starts to reduce holdings, whether it changes execution parameters, rather than making emotional decisions in the fog of identity speculation.

From On-Chain Actions to Price Signals: What This “Buying” Really Indicates

Based on on-chain data and transaction structure, the 5 million USDC TWAP long-term buying executed by multi-signature wallets has already had a significant structural impact on SKY’s price, depth, and market sentiment: at the price level, $0.068 has become the central cost for this phase; at the depth level, the passive buying of 1252 USDC per hour is reshaping the behavior of order placements and spreads on the order book; on the sentiment side, whale rhetoric and on-chain tracking have amplified the visibility of this action, attracting more short-term attention.

Simultaneously, the significant gap in key information is noteworthy: the briefing did not disclose the fundamentals of the SKY project, the real liquidity structure, nor any verified information about the identity of the multi-signature wallet's controller, the complete buying plan timeline, or termination conditions. This means that the current market discussions around “who is positioning” largely remain at the narrative and speculation level, rather than being grounded in strict factual deductions.

From a risk perspective, the most noteworthy aspect of this event is: the price trend of SKY highly depends on the continuity of this single TWAP strategy fund during the visible phase. As long as the fixed hourly buying persists, the price structure will be continuously “supported”; once the strategy is interrupted or the scale diminishes, the market must re-find a true equilibrium price without buffer. For ordinary participants without access to more internal information channels, the most prudent approach is to treat on-chain verifiable data behaviors as the primary anchor, viewing the whale sentiments and purported “positioning narratives” on social media as high-noise emotional variables, maintaining a greater margin of safety in terms of position and risk control.

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