South Korea's Largest Chip Expansion Faces Funding Crunch, One Bull Whale Lost Over $2.2 Million in a Single Day After Chasing High SKHX Prices

BlockBeats News, June 29th, according to Hyperinsight Monitoring, the Hyperliquid platform's SK Hynix (SKHX) is currently trading at $1672, down by about 3.5% in the past 24 hours, while Samsung Electronics (SMSN) is trading at $208.7, down by about 5.8%.

Amidst the sell-off, long whales who tried to catch the falling knife at the high are now deeply underwater. Regarding SK Hynix, an address (0x9dcf) bought in at $1820.64 on June 24th with 2x leverage, with a massive $29.09 million position, currently facing an unrealized loss of approximately $1.77 million as the price declined (equivalent to around 16% of the margin), with a $2.2 million pullback in a single day;

On the Samsung front, longs are similarly trapped, with several long positions established in the $217–226 range, all above the current price, with one of the deepest positions incurring an unrealized loss of nearly 40% of the margin, and this address (0x053f) just entered long positions yesterday.

Large SK Hynix holders are predominantly short, with a short-to-long ratio of about 1.49x; the long average price is around $1608, while the short average is around $1654. The current price is right in between the two, squeezing both high longs and low shorts, with only mid-range position holders escaping unscathed.

In terms of news, Samsung Electronics and SK Hynix announced on June 29th a chip expansion plan totaling a whopping 1,000 trillion Korean won (up to 2,000 trillion Korean won over ten years), but it was still unable to stem the market sell-off.

Recently, South Korea missed inclusion in the MSCI Developed Market Index, with around $62 billion of foreign capital outflow that had been brewing for months reaching a critical point, causing the Korean won to plummet to a 17-year low; coupled with the U.S. PCE inflation rising to a three-year high of 4.1%, concerns about an AI bubble, and macro pressure from foreign outflows, bullish news was engulfed by liquidity panic. At the same time, the leveraged single-stock ETFs of Samsung and Hynix approved in May triggered a liquidation stampede.

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