Leverage Cascade Absent as Storage Increases: Near-term High Leverage Eases, Whale Liquidation Level Moves Up

August 14th, according to TradingBeats (formerly Hyperinsight) monitoring, as the storage stock's volatility continued to increase and saw a sharp rise today, the open interest value of the storage top three on Hyperliquid increased from approximately $691 million to $832 million compared to the past week, an addition of about $141 million, a 20.4% increase.

The open interest value of MU decreased by around $32.045 million, a decrease of 18.6%; meanwhile, the price rose by 7.6%, and the actual open position, calculated by contract quantity, dropped by 24.3%, being the only target among the three to show a significant deleverage.

The open interest value of SNDK increased by 25.5%; however, the price rose by 21.7% during the same period. After excluding the price impact, the actual open position only grew by about 3.1%, indicating a relatively limited increase in risk exposure.

The open interest value of SKHX increased by about $138 million, a 36.2% increase; while the price rose by 15.1%, the actual open position still grew by about 18.4%, becoming the primary source of position increase among the storage top three this week.

The total actual open position of the three increased by about 3.7% compared to a week ago. Funds may have exited part of MU and continued to concentrate on SKHX.

However, the near-end liquidation risk has significantly contracted. Among addresses that have been active in the last 7 days with a single holding value exceeding $1 million, there are no liquidation lines within a 5% price range. Even after expanding the range to ±10%, only 3 positions entered the liquidation range, with a total value of about $10.73 million. Similarly, there were no large-scale liquidations in the million-dollar range today.

The overall position is still at a high level, with the highest-risk leverage that is most vulnerable to market fluctuations having exited. Whales may have shifted the liquidation line outward through additional margin supplements, leverage reduction, etc.

The on-chain Perp and address analysis tool TradingBeats is now live, supporting real-time viewing of Hyperliquid data, from address tracing to whale operations, providing in-depth analysis, all in one view.