Citrini Analyst: China’s progress in DUV technology comes as no surprise; semiconductor equipment stocks like ASML have been oversold.

According to Bitget market data, Hong Kong-listed large language model stocks saw broad declines. Zhipu (02513.HK) fell over 17%, while MINIMAX-W (00100.HK) dropped more than 8%.

South Korea's Financial Services Commission (FSC) Chairman Lee Eog-weon said the regulator will consider further measures to curb demand for recently launched single-stock leveraged exchange-traded funds (ETFs), which have been cited as one factor exacerbating stock market volatility. Lee noted he will assess the impact of a new policy that raises the minimum cash margin required for investing in single-stock leveraged ETFs to 30 million won (approximately $20,400), set to take effect this Friday. The South Korean government brought forward the implementation of this margin requirement by several weeks to stabilize the market and protect investors. Lee stated, "If demand does not cool sufficiently, we will also review and prepare additional measures in advance." As one potential measure, he proposed implementing aggregate position limits, which would restrict individual investors' holdings in such ETFs to no more than 20% of their total financial portfolios.

According to on-chain analyst Ai Yi (@ai_9684xtpa), this morning, SK Hynix (SKHX) on Hyperliquid experienced a 17.9% flash crash, driving the platform’s liquidation volume over the past four hours to surpass that of Binance. The abnormal movement was likely triggered by an unusual trade in South Korea’s NXT pre-market. Around 7 AM Beijing time, one share of SK Hynix was traded at 1.27 million won, equivalent to approximately $867. Due to insufficient pre-market liquidity, its stock price dropped by around 30% before triggering a trading halt. Hyperliquid’s oracle price subsequently followed the decline, pushing the SKHX contract price to plummet rapidly; the related price on Binance also fell due to arbitrage trades. The price has now returned to normal, but it remains unclear whether positions liquidated during the abnormal volatility will receive compensation.

According to on-chain analyst Yu Jin’s monitoring, as SK Hynix’s stock price plummeted, the largest SKHX short address on Hyperliquid has seen its unrealized profit expand to approximately $6.1 million. The address shorted SKHX worth about $40.5 million at an average price of $1,275.7, and SKHX has now fallen back to around $1,083. In addition, the address also shorted Brent Crude Oil (BRENTOIL) worth about $19.15 million at an average price of $97.7, with current unrealized profit of roughly $2.43 million.

Hyperinsight monitoring shows that after South Korea’s pre-market trading opened at 7 AM this morning, SKHX on Hyperliquid plunged rapidly from $1,128.2 to $927, with a maximum drop of 17.8% within one minute. As of press time, SKHX has rebounded to $1,097.9, up 18.4% from its low, with a 24-hour trading volume of $891 million. Market participants widely attribute the price anomaly to an oracle capturing extreme trade quotes during South Korea’s pre-market thin liquidity window. However, as of press time, the platform has not yet classified the event as a technical malfunction. More specifically, SKHX’s oracle synced the abnormally low price of South Korea’s NXT pre-market, which was then passed to the mark price, triggering a cascade of long position liquidations. Per trade.xyz’s rules, SKHX’s oracle price is calculated by dividing SK Hynix’s South Korean stock price by the USD/KRW exchange rate, and it accesses external executable quotes during South Korea’s pre-market session. During the liquidation wave, on-chain backup liquidation account 0x400…0001 took over 406 SKHX long positions at 7 AM, totaling around 27,100 contracts, at an average takeover price of roughly $969, with a nominal value of about $26.26 million and generating an realized loss of approximately $1.001 million. As SKHX’s price continued to drop, this backup account—originally tasked with absorbing user risk—was itself reverse-liquidated. The incident saw risk not stop after the position transfer, but instead spread further to the backup liquidation account. Compared to yesterday’s afternoon snapshot, SKHX’s open interest fell from 410,700 contracts to 353,600, a decrease of roughly 13.9%. Calculated at the mark price, the nominal position value dropped from around $508 million to $388 million, a decline of about 23.5%. Address: 0x40000000000000000000000000000000000000001

Many whales have been accumulating $ETH recently. Another newly created wallet (0x49D9) withdrew 2,101 $ETH($3.95M) from #Binance 4 hours ago.