SK Hynix US IPO subscription multiple exceeds 7 times, yet on-chain whales are using leverage to bet on both long and short. Whale yixie continues to add long positions, with profits exceeding $9.42 million; shorting forces are also accumulating positions. Crypto funds are flowing into traditional assets through tools such as tokenized stocks and perpetual contracts. The two-way liquidation of on-chain leverage may amplify volatility. If the post-listing performance falls short of expectations, the cascading liquidation risk cannot be ignored. Understanding this structural nesting is more meaningful than guessing the first-day price movement.