Hynix whale covers part of its SKHX short positions and increases its SKHY long positions
BIBIBI
AT A GLANCE
0x0242 The account reduced its SKHX short positions and increased its SKHY long positions, retaining the spread structure of “short Korean stocks, long ADR.”
Article
Hynix whale reduces short exposure, continues to expect ADR premium expansion
BlockBeats news,November 2，0x0242 The whale today covered approximately 7215000 USD Hynix Korean stock contracts SKHX short positions, reducing its previous short position by approximately 35%, with a loss of approximately 92100 USD; it also increased its holdings by approximately 1150000 USD Hynix ADR contracts SKHY long positions.
The account currently holds approximately 13800000 USD SKHX short positions and 5910000 USD SKHY long positions, with total unrealized losses of approximately 518000 USD. This adjustment reduced its Korean stock short exposure and further increased its ADR long allocation, retaining the spread-trading structure of “short Korean stocks, long ADR.”
Over the past 1 months, the relative prices of the two contracts show that: the on-chain premium of SKHY relative to SKHX expanded from October 2 approximately 40.71%to October 20 approximately 51.05%, then fell back to the current approximately 42.34%, narrowing by approximately 8.71 percentage points from the period high.
Among on-chain accounts using the same trading logic, 0x7fda has the largest position, with combined holdings of approximately 22470000 USD and current unrealized losses of approximately 780000 USD. Of these,SKHY ADR long positions are approximately 19840000 USD, also higher than 2630000 USD’s SKHX Korean stock short positions, retaining substantial ADR directional exposure.
Original link https://m.theblockbeats.info/flash/374974
Key points
01
November 2，0x0242 The aforementioned account covered approximately 7215000 USD SKHX short positions, reducing the short position by approximately 35%, with a loss of approximately 92100 USD。
02
The account also increased its holdings by approximately 1150000 USD SKHY long positions.
03
The account currently holds approximately 13800000 USD SKHX short positions and 5910000 USD SKHY long positions, with total unrealized losses of approximately 518000 USD。
04
SKHY The on-chain premium of SKHX relative to October 2 increased from approximately 40.71%to approximately October 20, then fell back to the current approximately 51.05% 42.34%。
05
0x7fda The account’s combined holdings in both legs are approximately 22470000 USD, with current unrealized losses of approximately 780000 USD。
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is a spread trade that simultaneously shorts SKHX and goes long SKHY. 0x0242 Although the account reduced its SKHX short positions, it increased its SKHY long positions, so it is still betting on changes in the relative prices of the two contracts.
Why it matters to readers
The position adjustment shows that the account still retains SKHY directional exposure, but the premium mentioned in the article has fallen from its period high, indicating that the spread has not continued to expand in a single direction.
Beginners should distinguish between a particular account’s position choice and the market’s inevitable direction; the trades of a small number of accounts cannot by themselves prove that the premium will expand next.
Risks and unknowns
The original article did not provide independent verification of the on-chain contract, position, profit-and-loss, or relative-price data.
0x0242 and 0x7fda The actual identities of the controlling parties of the accounts cannot be confirmed from the original article.
The original article did not state the liquidity, open interest, or trading costs of the relevant contracts.
The expansion of the premium of SKHY relative to SKHX cannot be confirmed to continue based solely on these accounts’ position adjustments.
Related Developments
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Related concepts
ADR
American depositary receipt, potentially subject to a periodic fee per share, typically charged once or twice annually.
