On-chain SK Hynix bottom fishers are all deeply underwater. If the price continues to drop to around $1,300 or triggers a cascade of long liquidations thereafter.

BlockBeats News, July 2nd, according to Hyperinsight monitoring, as SK Hynix's stock price continued to decline, the bearish addresses on Hyperliquid, including SKHX (0xe1b, 0x890, 0x4c7), successively closed their short positions to take profit, while the bullish side saw large-scale stop-losses; among them, a whale address starting with 0x9dc closed approximately $35.16 million SKHX long position, resulting in a loss of approximately $4.42 million. Trading volume in the past 24 hours passively increased, with a 24-hour trading volume of approximately $585 million.

As of the time of writing, most of the large long positions who bottom-fished SKHX since yesterday have fallen into unrealized losses, and some high-leverage long positions have lost more than their initial margin. A large whale long position holder (address starting with 0x4b2) began bottom-fishing yesterday and added to their long position after a segmented drop in SKHX about 2 hours ago, with the position size expanding to approximately $4.2 million. However, as SKHX continued to decline, the whale partially liquidated before the liquidation price to reduce the risk of liquidation.

Currently, this address remains the closest bullish whale to the liquidation price on-chain, with an unrealized loss of approximately $380,000 on the SKHX long position, a return rate of approximately -103%, and the latest liquidation price moved down to around $1,351.

Furthermore, there are still several large long positions of SKHX on-chain clustered around the liquidation price of $1,300; if SKHX continues to decline, this area may become the next round of bullish liquidation pressure zone.