Odaily Planet Daily report: Recently, large holders of MU, SNDK, and SKHX have all been reducing their position leverage, but only one underlying asset has seen a corresponding contraction in open interest (OI).
From 23:00 yesterday to the time of this report, the open interest value of SKHX decreased from approximately $364 million to $321 million, a reduction of about $43.44 million, or 11.9%. After excluding the impact of price decline, the number of contracts still fell from approximately 330,400 to 299,700, a decrease of 9.3%.
During the same period, the price of MU fell by approximately 4.7%, while open interest increased by 4.5%, remaining essentially flat at $172 million; the price of SNDK dropped by about 4.3%, with open interest rising by 5.3% to a slight increase of $122 million.
Only SKHX showed a simultaneous decline in both USD open interest and contract volume, indicating the most concentrated risk withdrawal among the three.
This is SKHX’s second clear deleveraging cycle in recent times. On July 31, when its price rebounded to $1,165.50, open interest dropped sharply from $622 million to $451 million, a 27.6% decline in a single round; it has now fallen further to $321 million, representing an additional decrease of approximately $130 million from the previous low, a 28.9% reduction.
From its peak of $622 million, the open interest value of SKHX has declined by approximately $301 million, a 48.4% drop nearing halving; during the same period, the SKHX price has only fallen about 8.2% from $1,165.50, showing a significant discrepancy—this contraction is primarily driven by active position reductions.
As of press time, SKHX is trading at $1,070.30, down 5.2% over the past 24 hours, with a trading volume of approximately $644 million. Among recent 4-hour large whale transactions, long positions saw a net reduction of approximately $5.593 million, while short positions saw a net reduction of only about $795,000.