SK Hynix’s sharp decline triggered liquidations or loss-taking exits for several large long-position holders.

According to TradingBeats monitoring, SKHX on Hyperliquid has dropped nearly 15% in the past 24 hours, currently trading at $939.46, down roughly 12.88% from its level when last night’s CPI data was released. Amid the sharp plunge, large long positions have been liquidated one after another, incurring losses. Since last night to this morning, three verified whales have closed a total of approximately $3.881 million worth of SKHX long positions, with combined losses of around $887,000 via both stop-loss orders and forced liquidations. One whale liquidated roughly $1.493 million in long positions, taking a loss of about $347,000 (address: 0xcb13); another long trader reduced positions via voluntary loss, but their remaining positions were eventually forced liquidated, with total losses of around $261,000 in this round (address: 0x5fc2). The third whale’s approximately $1.008 million in long positions was also liquidated in batches, adding another loss of roughly $279,000 (address: 0x3b5b). All three accounts currently hold no SKHX positions. However, after the plunge pushed funding rates into negative territory, bargain-hunting funds have since flowed back. SKHX’s hourly funding rate reversed rapidly: from -0.08399% at 08:00 to +0.03080% at 09:00, and further rising to +0.03550% at 10:00, flipping the long-short pricing dynamic for the contract. Long liquidation risks remain unresolved. Liquidation distribution data shows that around $5.09 million in potential long liquidation exposure is clustered near the $888 level for SKHX, roughly 5.5% below the current price. If the price continues to drop, this area will be a key watch point for the next round of leveraged long positions being forced out.