SK Hynix Liquidates $120 Million New Position, Long Funding Rate Increases by 37.5%

BlockBeats News, July 30, according to Hyperinsight monitoring, SKHX is currently trading at $921.3, down about 8% intraday, with a 24-hour trading volume of approximately $15.23 billion. Despite the continued downward pressure on the price, funds have not left the market, and the open interest value has instead risen to around $5.71 billion.

Yesterday, the open interest value of SKHX increased from $4.43 billion to $5.64 billion, a daily increase of about $1.20 billion, representing a 27.2% increase; after the price fell further today, the open interest size continues to expand.

The long position crowd index is also rising. The current funding rate of SKHX is approximately +0.0431% per hour, with a 24-hour cumulative rate of approximately +0.3948%, a 37.5% increase compared to the previous 24 hours, further raising the long position holding cost.

Among the whales with a position value exceeding $1 million, the long/short ratio is about 1.24:1, with the long position value exceeding the short position value by about $2.82 billion, indicating a bias towards the long side in both number of traders and position value.

The closer the address is to the top, the weaker the bottom-fishing intention. The long/short ratio of all holding addresses is about 4.02:1, but among the top 10 addresses with the largest positions, there are only 3 longs and 7 shorts, reducing the long/short ratio to 0.43.

The top 10 addresses collectively hold about $172 million, accounting for 30.5% of the open interest value; the current bottom-fishing power of SKHX is mainly concentrated in the long-tail funds.