On the eve of SK Hynix's U.S. stock listing, on-chain whales have already positioned long and short positions ahead of time.

SK Hynix's IPO was oversubscribed 7 times, with South Korean retail investors showing extremely high leverage concentration. On-chain whales established millions of dollars in long and short positions before the listing. Once the underlying stock fluctuates, on-chain leveraged liquidations could amplify market volatility, which in turn may affect sentiment on the underlying stock.

The downside risk is also clear: the liquidity depth of on-chain perpetual contracts is far inferior to that of traditional futures, and spreads may widen dramatically under extreme market conditions. The South Korean stock market has circuit breakers, while on-chain trading does not — this structural mismatch may create cross-market arbitrage opportunities but also lays the groundwork for cascading liquidations.

The crypto market is becoming a second battlefield for traditional asset pricing, but the double-edged sword effect of leverage will not disappear just because of the on-chain label.

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