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On-chain SK Hynix bottom-fishers are all deeply trapped; if it subsequently drops to around $1,300, or if it triggers a cascade of long liquidations, then…
BlockBeats news, July 2, according to Hyper insight monitoring, as SK Hynix's stock price continues to decline, short addresses including (0xe1b, 0x890, 0x4c7) on Hyperliquid's SKHX have successively closed positions to take profits, while the long side has seen large stop-losses; among them, a whale starting with 0x9dc closed about 35.16 million USD worth of SKHX long positions, recording a loss of about 4.42 million USD. As a result, 24-hour trading volume has passively increased, with a 24-hour turnover of about 585 million USD.
As of press time, most of the large long positions that bottom-fished SKHX since yesterday are in unrealized losses, and some high-leverage long orders have lost more than the principal based on entry margin. A certain large long whale (0x4b2) started bottom-fishing yesterday and added long positions about 2 hours ago after SKHX fell in segments, with the position size once expanding to about 4.2 million USD. However, SKHX continued to decline afterwards, and the whale has partially stopped losses before the liquidation line to reduce the risk of liquidation.
Currently, this address is still the long whale closest to the liquidation line on-chain, with an unrealized loss of about 380k USD on its SKHX long position, a return rate of about -103%, and the latest liquidation line has moved down to about 1351 USD.
In addition, there are still several large SKHX long orders on-chain with liquidation lines concentrated around 1300 USD; if SKHX continues to decline, this area may become the next pressure zone for long liquidations.