SK Hynix Plunges Again Without Significant Liquidations; Bottom-Fishing Funds Drive Open Interest Up Nearly 20% Against the Trend

TechFlow news, July 29, according to Hyperinsight monitoring, after South Korean stock SK Hynix closed down 14.7% yesterday, SKHX on Hyperliquid continued to decline today. As of press time, SKHX is quoted at $973.06, down 10.7% in 24 hours. However, no million-dollar level liquidations have appeared on the platform's liquidation leaderboard yet, and forced liquidations above $100,000 have only occurred sporadically.

The sharp decline did not trigger a new round of cascade liquidations. SKHX open interest rose from 385,500 contracts yesterday to the current 461,600 contracts, an increase of 19.7%; calculated based on the mark price during the same period, the notional open interest value also rose from approximately $411 million to $449 million, an increase of 9.3%. Bottom-fishing funds continue to enter the market.

Data shows that SKHX currently has a total of 2,677 long accounts and 791 short accounts, with long accounts accounting for 77%, but the notional positions of both longs and shorts are approximately $217 million.

Calculated from this, the average position per short account is approximately $274,000, which is 3.4 times the long average of approximately $81,000. That is, there are more long accounts, but positions are generally smaller; there are fewer short accounts, but single positions are significantly larger; the funding rate is currently +0.036%/hour.

As capital size increases, the direction leans more short. Whales above $5 million hold a combined $73.37 million in short positions and $39.07 million in long positions, with short positions accounting for about 65%, and a net short size of approximately $34.3 million; conversely, among small accounts below $10,000, about 90% of positions are longs.

Therefore, although approximately 74% of accounts are currently at a floating loss, the losses are mainly dispersed among a large number of small long positions, while large positions are more concentrated on the short side.