SK Hynix falls again, no large liquidations observed—are retail longs paying for SKHX’s sharp decline?

According to Hyperinsight monitoring, SKHX on Hyperliquid extended its decline today following a 14.7% drop in South Korean stock SK Hynix’s close yesterday. As of press time, SKHX trades at $973.06, down 10.7% in 24 hours. However, no seven-figure liquidations have been recorded on the platform, with only sporadic forced liquidations above $100,000. The sharp decline did not trigger a new round of cascading liquidations. SKHX’s open interest rose 19.7% from 385,500 contracts yesterday to 461,600 contracts currently; at the corresponding mark price, the nominal value of open interest also climbed 9.3% from roughly $411 million to $449 million. Bottom-fishing capital continues to flow into the market. Data shows SKHX currently has 2,677 long accounts and 791 short accounts, with long accounts making up 77% of the total, while both long and short nominal positions stand at approximately $217 million. Calculated, the average position per short account is around $274,000, 3.4 times the average long position of about $81,000. This means there are more long accounts but their positions are generally smaller, while short accounts are fewer in number but have significantly larger individual positions. The funding rate is currently +0.036% per hour. The larger the capital size, the more bearish the position direction. Whales holding over $5 million in total hold $73.37 million in short positions and $39.07 million in long positions, with short positions accounting for roughly 65% and a net short position of around $3.43 million. Conversely, about 90% of positions in small accounts under $10,000 are long orders. Although around 74% of accounts are currently in unrealized losses, these losses are mainly spread across a large number of small long positions, while large positions are more concentrated on the short side.