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SKHX short whale tops $10 million unrealized profit as price falls

SKHX short whale tops $10 million unrealized profit as price falls

Lookonchain said the wallet starting with 0xEbE1 has also collected about $1.23 million in funding payments while holding the bearish position.

Fact Check
The original Lookonchain X post explicitly states whale 0xEbE1 is up more than $10M on the SKHX short and has earned $1.23M in funding fees, directly matching the claim. BlockBeats flash 358591 reproduces the same figures ($10M+ unrealized profit, $1.23M funding income) and cites the same Lookonchain post. PANews corroborates the broader context of SKHX falling. All figures align across sources.
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Summary

A whale betting against SKHX has seen profits widen as the token's price keeps falling. Lookonchain said on July 29 that the wallet beginning with 0xEbE1 now has more than $10 million in unrealized gains on its SKHX short position, and has additionally earned about $1.23 million in funding fee income. The update points to growing returns for traders positioned for further weakness, with funding payments (periodic transfers between long and short traders in perpetual futures) adding to directional profits.

Terms & Concepts
  • short position: A trade that profits if an asset's price falls.
  • funding payments: Periodic fees exchanged between long and short traders in perpetual futures.
  • unrealized gains: Paper profit on an open position that has not been closed.