Huo Xing Finance reports that on July 31, according to TradingBeats, SKHX rebounded to $1,165.5 today, rising approximately 24.4% in 24 hours, with trading volume reaching $1.514 billion. However, between 11 PM last night and 11 AM this morning, its open interest value dropped from $622 million to $451 million, a decrease of approximately $172 million, or 27.6%—indicating another significant deleveraging event for Hynix. Over the past 24 hours, position change data shows that, using a threshold of over $1 million in net reduction per address, a total of 40 large SKHX long positions reduced their exposure, equivalent to approximately $172 million at current prices. Among these, 29 addresses fully closed their long positions, with some subsequently initiating short positions. In the same period, only 17 million-dollar-class addresses increased long positions, adding a combined total of approximately $55.354 million. This resulted in a net reduction of longs of about $116 million within the sample. Shorts also exited en masse. Over the past 24 hours, 40 million-dollar-class short addresses collectively covered approximately $148 million in short positions. Thus, this rally was not driven solely by new longs, but rather by a concentrated short covering coinciding with longs taking profits at higher levels—resulting in a divergence where price surged while open interest contracted. The largest reduction came from SKHX’s former largest long holder, 0xc8b. This address sold all 37,229.1 SKHX tokens this morning, equivalent to approximately $43.391 million at current prices, with an average closing price of $1,135.2 per token, realizing a profit of approximately $5.717 million; its SKHX position is now zero. Other significant exits include: - 0x2dac liquidated approximately 14,667 longs, equivalent to $17.094 million at current prices; - 0x469e closed out 14,332.6 units, generating $15.027 million in trading volume; - 0x4662 fully closed 6,000 units, generating $6.084 million; - 0x215b also fully closed its original long position. As longs unlocked profits and shorts covered positions, capital did not exit the memory sector but partially shifted toward MU, SNDK, and SKHY. Among million-dollar-class addresses, MU, SNDK, and SKHY recorded new long additions of approximately $44.829 million, $63.180 million, and $44.790 million respectively. After accounting for concurrent reductions, SNDK saw a net increase of approximately $10.501 million in longs, SKHY a net increase of approximately $26.357 million; MU still recorded a net reduction of approximately $29.006 million in longs, with net inflows concentrated primarily in SanDisk and SK Hynix ADRs. Hourly snapshots from last night to this morning show that open interest for MU, SNDK, and SKHY increased by approximately 12.7%, 9.4%, and 12.9% respectively—contrasting sharply with SKHX’s significant contraction. Among these, SKHY rose 25.9% during the same period, slightly outperforming SKHX, with its ADR premium over SKHX expanding further to approximately 35.0%. As of publication, SKHX’s hourly funding rate has declined to approximately +0.0004%, nearing neutral; funding rates for MU, SNDK, and SKHY stand at -0.0038%, -0.0064%, and -0.0002% respectively.
SKHX surges 24.4% amid a 27.6% unwinding of open positions, with funds shifting to MU and SNDK
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Summary
SKHX surged 24.4% to $1,165.5 on July 31, with a trading volume of $1.514 billion. Open interest analysis reveals a 27.6% decline in open positions, falling from $622 million to $451 million, as 40 large long positions totaling $172 million were closed. The largest exit came from 0xc8b, which sold $43.39 million in SKHX. Capital shifted to MU, SNDK, and SKHY, with SNDK and SKHY recording net long increases of $10.5 million and $263.5 million, respectively. The risk-to-reward ratio for SKHX remains under close monitoring as traders adjust their positions.
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