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

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

During the sell-off, long position whales who attempted to catch the top are now deeply underwater. Regarding SK Hynix, an address (0x9dcf) bought in at $1820.64 with 2x leverage on June 24th, amounting to a staggering $29.09 million position. With the price fall, the unrealized loss has reached about $1.77 million (equivalent to a 16% margin), with a daily drawdown of $2.2 million;

As for Samsung, the bulls have also collectively been trapped, with several long positions averaging between $217–226, all above the current price. The deepest underwater position is facing a loss of nearly 40% of the margin, and this address (0x053f) just entered into more long positions yesterday.

The major SK Hynix holders are predominantly bearish, with the bearish notionals approximately 1.49 times that of the bullish side; the long average price is around $1608, while the short is about $1654. The current price is right between the two, squeezing the high-level bulls and low-level bears, with only mid-level entrants able to escape unscathed.

On the news front, Samsung Electronics and SK Hynix announced on June 29th a chip expansion plan of up to a whopping 100 trillion Korean won (up to 200 trillion Korean won over ten years), but this failed to halt the market sell-off.

Recently, Korea missed MSCI's developed market inclusion, and the pending foreign outflow of about $62 billion reached a critical point after months of brewing, leading to the Korean won hitting 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, positive news has been engulfed by liquidity panic. Meanwhile, the leveraged single-stock ETFs approved in May for Samsung and Hynix triggered a cascade of liquidations.

Previous Whale News: Tracking "Smart Money": After Making $7 Million in 16 Days, When Will the "Always Winning Whale" Realize the Gain from the 29.8 Million SKHX Heavy Position?

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