SK Hynix Open Interest Halves in 3 Days, $300 Million Position Exits Amid "Deleveraging" Pullback

According to Odaily, large holders of MU, SNDK, and SKHX have all been reducing their position leverage recently, but only one asset has seen its open interest (OI) contract in tandem.

From 23:00 yesterday to the time of writing, SKHX open interest value fell from approximately $364 million to $321 million, a decrease of about $43.44 million, or 11.9%; after excluding the impact of price decline, the number of open contracts still dropped from approximately 330,400 to 299,700, down 9.3%.

During the same period, MU's price fell about 4.7%, yet open contract count increased by 4.5%, with OI basically holding at $172 million; SNDK's price fell about 4.3%, while open contract count rose 5.3%, with OI slightly increasing to $122 million.

Only SKHX saw both dollar-denominated OI and contract count shrink simultaneously, making it the most concentrated risk exodus among the three.

This is the second notable round of deleveraging for SKHX in the near term. On July 31, when its price rebounded to $1,165.5, open interest plunged from $622 million to $451 million, a single-round contraction of 27.6%; it has now further dropped to $321 million, down approximately $130 million from the previous low, a decline of 28.9%.

Measured from the cyclical high of $622 million, SKHX's open interest value has cumulatively shrunk by approximately $301 million, a decline of 48.4%—nearly halved. Meanwhile, SKHX's price has only fallen about 8.2% from $1,165.5 during the same period, representing a significant gap between the two, indicating that this round of contraction is primarily driven by active position reduction.

At the time of writing, SKHX is trading at $1,070.3, down 5.2% in the past 24 hours, with trading volume of approximately $644 million. Among large whale samples in the most recent 4 hours, long positions saw net reductions of approximately $5.593 million, while short positions only saw net reductions of about $795,000.