Micron Plunges Again Without Widespread Liquidations, Dip Buyers Drive Up Unwinding Volume by Nearly 20%

July 29th, according to Hyperinsight monitoring, after the South Korean stock SK Hynix fell by 14.7% yesterday, the SKHX on Hyperliquid continued to decline today. At the time of writing, SKHX was trading at $973.06, a 10.7% decrease in the last 24 hours. However, there has not yet been a million-dollar-level liquidation in the platform, and forced liquidations over $100,000 have only sporadically occurred.

The sharp drop has not triggered a new round of cascading liquidations. The number of open SKHX positions has increased from 385,500 yesterday to the current 461,600, a 19.7% increase; calculated at the mark price, the nominal value of open positions has also risen from about $411.4 million to $449 million, a 9.3% increase. Bargain-hunting funds are still entering the market.

Data shows that SKHX currently has a total of 2,677 long positions and 791 short positions, with long positions accounting for 77% of the total, but both long and short positions have a nominal value of about $217 million each.

Using these figures, the average holding of a single short position is about $274,000, which is 3.4 times the average of approximately $81,000 for long positions. In other words, although there are more long accounts, their positions are generally smaller; while there are fewer short accounts, their individual positions are significantly larger; the funding rate is currently +0.036% per hour.

With a larger capital size, the bias is more bearish. Whales holding over $5 million collectively hold $73.37 million in short positions and $39.07 million in long positions, with shorts accounting for about 65%, a net short position of approximately $34.3 million; conversely, among accounts with less than $10,000, about 90% of positions are long.

The current losses are mainly distributed among a large number of small long positions, while larger positions are more concentrated on the short side.