SKHX Soars But Faces Another Round of Deleveraging? 27% Fund Outflow to Allocate to Micron and SanDisk

BlockBeats News, July 31st, according to Hyperinsight monitoring, SKHX rebounded to $1165.5 today, with a 24-hour gain of about 24.4% and a trading volume of $1.514 billion. However, from 11:00 PM last night to 11:00 AM this morning, the open interest of its contracts decreased from $622 million to $451 million, a reduction of about $172 million, a decrease of 27.6%; Micron experienced significant deleveraging once again.

Position change data in the past 24 hours shows that based on the standard of a single address reducing position by more than $1 million, a total of 40 SKHX long positions reduced their positions, collectively reducing their positions by about $172 million at the current price. 29 of these addresses have closed all their original long positions, with some addresses subsequently taking short positions.

During the same period, only 17 addresses with million-dollar positions increased their long positions, with a total increase of about $55.354 million, resulting in a net reduction of long positions of about $116 million within the sample set. The shorts also exited on a large scale. In the past 24 hours, 40 million-dollar-level short addresses collectively covered about $148 million.

The largest position reduction came from the previous largest SKHX bull at address 0xc8b. This address sold all 37,229.1 SKHX this morning, equivalent to about $43.391 million at the current price, with an average closing price of about $1135.2, realizing a profit of about $5.717 million. The current SKHX position is now zero.

Other significant exits include: 0x2dac liquidated about 14,667 long positions, equivalent to about $17.094 million at the current price; 0x469e liquidated 14,332.6 positions, with a transaction amount of about $15.027 million; 0x4662 liquidated 6000 positions, with a transaction amount of about $6.084 million; 0x215b also closed all original long positions.

Accompanied by longs taking profit to escape, shorts covering, funds did not leave the storage sector, instead partially flowing into MU, SNDK, and SKHY.

In the million-dollar-level address sample, MU, SNDK, and SKHY saw approximately $44.829 million, $63.180 million, and $44.790 million in new long positions, respectively. Excluding the reduction during the same period, SNDK saw a net increase of about $10.501 million in long positions, SKHY saw a net increase of about $26.357 million; MU still saw a net reduction of about $29.006 million, with net inflows concentrated in SanDisk and SK Hynix ADR.

According to the hourly snapshot from last night to this morning, the open interest of MU, SNDK, and SKHY increased by approximately 12.7%, 9.4%, and 12.9% respectively, contrasting with a significant decrease in SKHX's open interest. Among them, SKHY saw a 25.9% increase during the same period, slightly outperforming SKHX, with its ADR premium over SKHX further expanding to around 35.0%.