SKHX Rises 24.4% as $172M Longs Exit and Capital Flows to Micron and SanDisk

SKHX price surged 24.4% despite a 27.6% drop in open interest, driven by massive long liquidations and short covering. Capital rotated into MU, SNDK, and SKHY.

Woofun AI data shows that SKHX rebounded to $1165.5 with a 24-hour gain of 24.4% and trading volume of $15.14 billion.

Concurrently, open interest fell by $172 million, representing a 27.6% decline from $6.22 billion to $4.51 billion. Position data indicates 40 long holders reduced positions by over $1 million each, with 29 addresses closing all longs, while 17 addresses added $55.354 million in longs. Short positions also saw significant exits, with 40 addresses covering approximately $148 million. The largest exit involved address 0xc8b, which sold 37,229.1 SKHX for $433.91 million, realizing a $5.717 million profit. Other notable exits included address 0x2dac liquidating $17.094 million in longs and 0x469e clearing $15.027 million; 0x4662 cleared $6.084 million; 0x215b closed all longs.

Capital shifted from SKHX to related assets, with new long positions totaling $44.829 million in MU, $63.180 million in SNDK, and $44.790 million in SKHY. Net long position changes showed increases of $10.501 million for SNDK and $26.357 million for SKHY, while MU saw a net reduction of $29.006 million. Open interest for MU, SNDK, and SKHY rose by 12.7%, 9.4%, and 12.9% respectively. SKHY surged 25.9%, widening its ADR premium over SKHX to 35.0%. Funding rates adjusted to +0.0004% for SKHX, while MU, SNDK, and SKHY recorded -0.0038%, -0.0064%, and -0.0002% respectively.