Melius Initiates Buy Rating Sending Western Data Up 12%, "Storage Short Squeeze" with 6.71 Million Short Positions Close to Liquidation at Only 2.9%

BlockBeats News, June 30th, according to Hyperinsight Monitoring, Western Digital (WDC) saw a large single-day surge. Hyperliquid reported a 11.86% increase in the past 24 hours, now trading at $654.68.

The market rise forced a short squeeze on-chain whales. The "Storage Short Leader," previously holding a $47.9 million short position across the board, engaged in a 10x leveraged short yesterday at an average price of $642.35. The current position is valued at approximately $6.71 million, with a liquidation price of $673.41, representing a mere 2.9% difference from the current price.

Currently, the total large short position is around $6.7 million, 2.66 times that of the long position ($2.5 million); the long average is about $645.22, while the short is around $642.35.

On the fundamental side, Melius Research initiated Western Digital (WDC.US) with a "Buy" rating and a target price of $1,050; Cantor Fitzgerald maintained a "Buy" rating with a target price raised to $900, citing a recent quarterly revenue that exceeded expectations, with a 45% year-on-year increase.

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