SK Hynix Long Liquidation Results in $80 Million of Bankruptcy, On-Chain Position Plunges by 14%

BlockBeats News, July 28, according to Hyperinsight Monitoring, at 7:00 AM Beijing time today, SKHX on Hyperliquid quickly plummeted from $1128.2 to $927. This price plunge occurred during the illiquid period of the Korean NXT session, with an extreme execution price transmitted to the oracle, marking price, and triggering a chain liquidation.

In the past 4 hours, the total value liquidated across the SKHX network was approximately $79.398 million, predominantly from long positions. Meanwhile, the open interest of SKHX on Hyperliquid decreased from 410,700 contracts yesterday afternoon to 353,600 contracts, a reduction of about 57,100 contracts, representing a 13.9% decrease. Based on the mark price, the nominal open interest value dropped from around $508 million to $388 million, a decrease of 23.5%.

The trading volume accompanied the flash crash with passive selling volume. SKHX's trading volume in the past 24 hours has reached $901 million, about 2.3 times the current nominal open interest value, indicating that a large number of positions were forced to liquidate or rapidly turn over during the price plunge and rebound.

Upon reexamination by Hyperinsight:

Address starting with 0x2ba: Experienced 3 consecutive liquidations, totaling 6,418 SKHX contracts liquidated, approximately $6.166 million, with a recorded loss of around $1.368 million;

Address starting with 0xef8: After a market price reduction of about $910,100, the remaining $3.7418 million position was taken over by the system, resulting in a liquidation of approximately $4.651 million, with a loss of about $1.3133 million;

Address starting with 0x320: Faced 4 consecutive liquidations, with a total of 4,230 contracts liquidated, amounting to approximately $3.957 million, recording a loss of about $2.045 million, making it the biggest loser.

The top 3 addresses on the liquidation list mentioned above collectively liquidated approximately $14.7754 million, with losses of around $4.7281 million.

Previous News: SKHX Flash Crash Breaks Through Hyperliquid's Emergency Liquidity Circuit Breaker, Forcing Liquidations Over $26 Million