「Whale Watching」: Micron Technology ADR Premium Surges to 27.4%, 2 Whales Executed a Convergence Trade and Withdrew $630,000

BlockBeats News, July 14th, according to Hyperinsight monitoring, as of the time of writing, the South Korean stock SK Hynix (SKHX) was trading at $1188 on Hyperliquid, while the American depositary receipt (ADR) (SKHY) was trading at $151.34. With a conversion rate of 1 share of SKHX to 10 shares of ADR, the equivalent price of SKHY is $1513.4, representing a premium of about 27.39% over SKHX, and a further 3.84 percentage points increase from yesterday's approximately 23.55%.

Yesterday's situation of two whales engaging in basis trading is as follows:

Address starting with 0x257: Long 2618.671 SKHX, Short 31,000 SKHY, with a total scale on both sides of approximately $7.805 million and a total unrealized profit of about $183,000, narrowing by $165,000 from the approximately $348,000 profit mentioned in yesterday's article. Since yesterday, this address has been actively rotating positions around SKHX, reducing net long positions by 86.242 shares; at the same time, it closed short positions and reopened short positions on about 417 SKHY.

Address starting with 0xf517: The position remains unchanged, continuing to long 2145.256 SKHX and short 22,223.39 SKHY, with a total scale on both sides of about $5.912 million and a total unrealized loss of about $456,000.

At the same time, the current SKHX funding rate is +0.0567% per hour, and SKHY is -0.0056% per hour. Longing SKHX and shorting SKHY both incur funding fees. From yesterday to today, the total funding fee expenditure for the two addresses is about $21,200.

On the order book, the address starting with 0x257 still has approximately $572,000 buy orders ranging from $1087.5 to $1186.9 for SKHX and approximately $1.056 million sell orders ranging from $1207.9 to $1431.7. The address starting with 0xf517 only has full liquidation buy orders at $111 for SKHY, with a nominal amount of about $2.467 million.

Yesterday's whale news: SK Hynix ADR traded at a 23.4% premium to the South Korean stock, two whales expected a $14 million basis trading convergence