SK Hynix Long Liquidation Results in $80 Million of Bankruptcy, On-Chain Position Plunges by 14%
July 28th, according to Hyperinsight monitoring, at 7:00 AM Beijing time today, the SKHX on Hyperliquid quickly fell from $1128.2 to $927, with this price plunge occurring during the low-liquidity period of the Korean NXT market, where an extreme transaction price was transmitted to the oracle, triggering cascading liquidations.
In the past 4 hours, the total liquidation volume of SKHX across the network was approximately $79.398 million, with the top of the liquidation list mostly composed of long positions. Meanwhile, the open interest of SKHX on Hyperliquid decreased from 410,700 contracts yesterday afternoon to 353,600 contracts, a reduction of about 57,100 contracts, representing a 13.9% decrease. Calculated at the mark price, the nominal open interest value dropped from around $508 million to $388 million, a shrinkage of 23.5%.
The trading volume accompanied the flash crash passively. SKHX's trading volume in the past 24 hours has reached $901 million, approximately 2.3 times the current nominal open interest value, indicating that a large number of positions were forced to liquidate or quickly change hands during the price plunge and rebound process.
Upon review by Hyperinsight:
Address starting with 0x2ba: Experienced 3 consecutive liquidations, totaling 6,418 SKHX contracts liquidated, approximately $6.166 million, resulting in a loss of approximately $1.368 million;
Address starting with 0xef8: After reducing the position by approximately $910,100 at market price, the remaining $3.7418 million position was taken over by the system, with a liquidation size of approximately $4.651 million, resulting in a loss of approximately $1.3133 million;
Address starting with 0x320: Faced 4 consecutive liquidations, with a total of 4,230 contracts liquidated, a size of approximately $3.957 million, recording a loss of approximately $2.045 million, making it the largest loser.
The top 3 addresses on the liquidation list mentioned above collectively liquidated approximately $14.7754 million, resulting in a loss of approximately $4.7281 million.
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