SOXL surges while on-chain positions drop over 30%, mainly due to short covering.

October 27 - According to TradingBeats monitoring, the SOXL contract on Hyperliquid is currently quoted at $91.877, up about 11.10% in 24 hours, with a trading volume of approximately $105 million. However, the price rebound was not accompanied by a synchronous expansion in open interest: compared with yesterday afternoon's pre-market session, its notional open interest decreased from $39.27 million to $28.15 million, a reduction of about 28.29%; the open interest quantity fell by about 35.28%.

On the news front, Anthropic publicly filed for an IPO on October 26, boosting sentiment in AI-related stocks, and the Philadelphia Semiconductor Index rose 2.8% that day.

Short covering was an important change in this round of trading. Since 21:00 last night, two large accounts have collectively net covered about $7.2229 million in SOXL short positions, with the short position quantity decreasing from about 103,500 units to 25,000 units, a reduction of about 75.83%; during this period, they realized trading profits of about $417,300 (0xda37, 0x0242).

On the long side, there was also profit-taking and position switching. In the early hours of this morning, one account cleared about $2.066 million in SOXL long positions, realizing trading profits of about $153,300; during the same period, the account switched positions and increased its holdings by about $4.9739 million in Samsung Electronics contracts, currently holding about $8.43 million in Samsung long positions (0x4b86).