Hynix Whale Reduces Short Exposure, Continues to Expect ADR Premium to Widen

BlockBeats news, November 2: A whale address starting with 0x0242 today covered approximately $7.215 million of its short position in SK Hynix Korean stock contract SKHX, reducing the short position size by about 35% compared with before, with a loss of about $92,100; at the same time, it increased its long position in SK Hynix ADR contract SKHY by about $1.15 million.

Currently, the account holds about $13.8 million in SKHX short position and $5.91 million in SKHY long position, with a total unrealized loss of about $518,000. This round of adjustment reduced Korean stock short exposure and further increased ADR long allocation, while continuing to maintain the spread trading structure of "short Korean stocks, long ADR."

Over the past month, the relative prices of the two contracts showed that the on-chain premium of SKHY relative to SKHX expanded from about 40.71% on October 2 to about 51.05% on October 20, then fell back to about 42.34% at present, narrowing by about 8.71 percentage points from the stage high.

Among accounts on-chain with the same trading logic, 0x7fda is the largest, with combined holdings across both legs of about $22.47 million and a current unrealized loss of about $780,000. Among them, the SKHY ADR long position is about $19.84 million, also higher than the $2.63 million SKHX Korean stock short position, retaining a relatively large ADR directional exposure.