Storage Sector Still Facing Capital Withdrawal, On-chain Holdings Drop Significantly in 7 Days

BlockBeats News, August 25th, according to TradingBeats (formerly Hyperinsight) monitoring, since the concentration rebound of the stockpiling round on July 30th, SKHX, SNDK, and MU on Hyperliquid have respectively increased by about 29.9%, 52.6%, and 28.5%; however, the total open interest value of the three on Hyperliquid has decreased from approximately $9.99 billion to $6.77 billion, a decrease of about $3.22 billion, a decrease of 32.2%.

The actual number of open interest contracts has significantly shrunk:

- SKHX's OI decreased from about $540 million to $385 million, a 28.7% decrease; meanwhile, the number of contracts decreased by 45.1%;

- SNDK's OI decreased from about $196 million to $157 million, a 19.5% decrease; the number of contracts decreased by 47.2%;

- MU's OI decreased from about $263 million to $134 million, a 49.1% decrease; the number of contracts decreased by 60.4%.

The recent one-month rise in the three storage targets was not accompanied by a continuous expansion of open interest positions. Due to the significant price increase during the same period, looking only at the dollar-caliber OI would underestimate the extent of the decrease in the number of contracts. The current round of trend in on-chain data is closer to a "deleveraging rebound."

Within the past 7 days, the deleveraging trend is still ongoing. Compared with the snapshot in the afternoon of August 18th, the total OI of the three decreased from about $869 million to $677 million, a decrease of about $192 million, a 22.1% decrease.

Among them, SKHX's OI decreased by 21.9%, with the number of contracts decreasing by 24.1%; SNDK's OI decreased by 30.3%, with the number of contracts decreasing by 21.0%; MU's OI decreased by 10.4%, with the number of contracts decreasing by 4.2%.

A comparison of the total margin amount of million-dollar whales shows that the leverage has also decreased in the past 7 days. Since August 18th:

- SKHX's long position effective leverage decreased from about 4.5 times to 3.6 times, and short position decreased from 5.5 times to 2.9 times;

- SNDK's long position decreased from 5.8 times to 3.4 times, and short position decreased from 6.7 times to 5.9 times;

- MU's long position decreased from 6.8 times to 4.8 times, and short position decreased from 7.7 times to 4.7 times.