PANews, citing on-chain analyst Ember, said SKHX fell 30% and then rebounded 30% over two days, wiping out a $13.5 million paper gain on the largest Hynix short on Hyperliquid.
SKHX dropped 30% and then climbed 30% over two days, highlighting sharp volatility in the storage sector. During that reversal, the largest Hynix short on Hyperliquid saw an unrealized profit of $13.5 million completely erased and then turned into a $740,000 unrealized loss, PANews reported on July 31, citing on-chain analyst Ember. The swing underscores how quickly large leveraged short positions can reverse when a steep selloff is followed by a similarly forceful rebound.