SK Hynix’s ADR falls below its issue price, hitting a new all-time low since its listing.

According to an official announcement, Bitget has launched USDT-margined AEON perpetual contracts, supporting a maximum leverage of 20x. Contract trading bots will be rolled out simultaneously. For more details, please refer to Bitget’s official platform.

According to Hyperinsight monitoring, at 7 AM Beijing time today, SKHX on Hyperliquid plunged rapidly from $1,128.2 to $927. The price spike occurred during thin liquidity hours ahead of South Korea’s NXT trading session; extreme trade quotes were transmitted via oracles to mark prices, triggering a chain of liquidations. Over the past four hours, total SKHX liquidations across the network reached approximately $79.398 million, with long positions topping the liquidation leaderboard. Meanwhile, open interest (OI) for SKHX on Hyperliquid dropped from 410,700 contracts yesterday afternoon to 353,600, a decrease of about 57,100 contracts (13.9%). Calculated at mark prices, the notional position value fell from roughly $508 million to $388 million, a shrinkage of 23.5%. Trading volume expanded passively alongside the flash crash: SKHX’s 24-hour trading volume has hit $901 million, about 2.3 times its current notional OI, indicating a large number of positions were forcibly liquidated or changed hands rapidly during the spike and subsequent rebound. Hyperinsight’s review shows: - Address starting with 0x2ba: Hit by three consecutive forced liquidations, totaling 6,418 SKHX contracts worth ~$6.166 million, with a recorded loss of ~$1.368 million. - Address starting with 0xef8: Reduced positions at market price by ~$910,100; the remaining $3.7418 million position was taken over by the system, with total liquidation size of ~$4.651 million and a loss of ~$1.3133 million. - Address starting with 0x320: Subject to four consecutive forced liquidations, totaling 4,230 contracts worth ~$3.957 million, with a recorded loss of ~$2.045 million (the largest loss among all addresses). The top three addresses on the liquidation leaderboard combined for ~$14.7754 million in liquidations, with total losses of ~$4.7281 million. Earlier news noted that the SKHX flash crash breached Hyperliquid’s backup liquidator, forcing over $26 million in liquidations.

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.