Hynix Whale Cuts Short Exposure, Continues to Expect ADR Premium Expansion

54 minutes ago

Whale address starting with 0x0242 today covered around $7.215 million in short positions of SK Hynix’s South Korean stock contract (ticker: SKHX), cutting its short position size by about 35% and logging a loss of roughly $92,100. The whale also added approximately $1.15 million in long positions of SK Hynix’s ADR contract (ticker: SKHY). Currently, the account holds ~$13.8 million in SKHX shorts and ~$5.91 million in SKHY longs, with a total unrealized loss of around $518,000. This adjustment reduced its South Korean stock short exposure, boosted its ADR long allocation, and maintained its spread trading structure of “short South Korean stocks, long ADRs”. Over the past month, the relative prices of the two contracts show that SKHY’s on-chain premium over SKHX expanded from ~40.71% on October 2 to ~51.05% on October 20, before falling back to ~42.34% currently, narrowing by ~8.71 percentage points from its recent peak. Among on-chain accounts with the same trading logic, the 0x7fda address is the largest, with a total position of ~$22.47 million across both legs and an unrealized loss of ~$780,000. Its SKHY ADR longs stand at ~$19.84 million, which is also higher than its $2.63 million SKHX South Korean stock short, leaving it with large ADR directional exposure.

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