SK Hynix's Holdings Halved in 3 Days, Further $300 Million Position Liquidated Amid "Deleveraging" Pullback
August 3rd, according to TradingBeats (formerly Hyperinsight) monitoring, Hyperliquid recently saw major holders of MU, SNDK, and SKHX reducing their position leverage, with only SK Hynix's open interest (OI) accompanying a simultaneous contraction.
From 11:00 PM yesterday to the time of writing today, SKHX's open interest value decreased from around $364 million to $321 million, a reduction of about $43.44 million, a decrease of 11.9%; excluding the impact of price decline, the number of open contracts still decreased from around 330.4K to 299.7K, a 9.3% drop.
During the same period, MU's price fell by about 4.7%, but the number of open contracts increased by 4.5%, with OI basically maintained at $172 million; SNDK's price fell by about 4.3%, while the number of open contracts increased by 5.3%, and OI slightly increased to $122 million.
Only SKHX saw a simultaneous shrinkage in dollar OI and contract quantity, making it the most concentrated in risk reduction among the three.
This is SKHX's second significant deleveraging round recently. On July 31st (Friday), when its price rebounded to $1,165.5, the open interest plummeted from $622 million to $451 million, a single round contraction of 27.6%; now further dropping to $321 million, a decrease of about $130 million from the previous low, a 28.9% reduction.
Starting from the phase high of $622 million, SKHX's open interest has cumulatively shrunk by about $301 million, a decrease of 48.4%, almost halved; while the price of SKHX has only dropped by about 8.2% from $1,165.5, there is a significant disparity between the two, with this round of contraction mainly driven by active deleveraging.
At the time of writing, SKHX is trading at $1,070.3, down 5.2% in the last 24 hours, with a trading volume of about $644 million. In the recent 4-hour whale sample, long positions reduced by about $5.593 million, while short positions only reduced by about $0.795 million.