After a rebound in storage assets and stock indices, short selling pressure emerged, with funding rates turning negative across all five major underlying instruments.

According to Hyperinsight’s monitoring, the "Big Three" storage tokens have rebounded in sync with US stock indices today, but funding rates for SKHX, SNDK, MU, S&P 500, and XYZ100 have all turned negative. Converted based on current hourly rates, the 8-hour funding rates for SKHX, SNDK, and MU stand at -0.2544%, -0.0242%, and -0.0032% respectively; for S&P 500 and XYZ100, they are -0.0139% and -0.0075% respectively. In terms of position structure, the total nominal open interest (OI) of the Big Three storage tokens fell from $1.022 billion to $853 million, a decrease of roughly $170 million, or 16.6%. SKHX alone shrank by 29.5%; by contract count, SKHX, SNDK, and MU’s open interest dropped by 39.3%, 5.3%, and 4.2% respectively. In contrast, the total nominal positions of S&P 500 and XYZ100 rose from $752 million to $781 million, up 3.9%; their contract counts increased by approximately 1.0% and 6.6% respectively. With indices rising, positions expanding, and funding rates turning negative, new short positioning has become more pronounced. SKHX continues deleveraging: 43 multi-million-dollar long positions on SKHX cut their holdings by around $175 million, with 34 addresses liquidating their entire positions; net long reduction stood at roughly $117 million. Across the five assets, multi-million-dollar addresses recorded a net long reduction of approximately $161 million and a net short reduction of $271 million over the past 24 hours.