SKHX opened at $1,168.1, rose as much as 8.7% to $1,270.1, then fell to $1,185.3 before rebounding; Hyperinsight said three whales amassed about $14.036 million in longs and were caught in the reversal.
SK Hynix-linked SKHX saw sharp early volatility on Hyperliquid, opening at $1,168.1, rising 8.7% to $1,270.1 within 30 minutes, then falling to $1,185.3, a 6.7% drop from the peak, before rebounding to $1,298. Hyperinsight said three whales built 11,620.674 long contracts worth about $14.036 million during the move. At a reported SK Hynix price of $1,198, all three positions were underwater, and the latest buyer chasing the rally was reported to be just $60 from liquidation; separately, the 0xf4b wallet was identified as nearest to liquidation at $1,130.40. The price action highlights how concentrated leveraged bets can amplify swings on crypto derivatives venues.