Nanfang's double-leveraged long fund targeting SK Hynix has declined over 80% since July, plunging nearly 26% today.

According to monitoring by Lookonchain, a wallet address linked to institutional firm Selini Capital deposited 495,473 HYPE tokens into OKX over the past hour, worth approximately $26.8 million, which may indicate the institution’s intention to sell HYPE.

Institutions are dumping $HYPE! A wallet linked to #SeliniCapital deposited 495,473 $HYPE ($26.8M) into #OKX over the past hour.

The A-share storage chip sector rallied in the mid-afternoon, with stocks including Tongfu Microelectronics and GigaDevice narrowing their declines. Torrence surged over 16%, C-Changxin rose more than 6.5%, and Surpass Technology gained over 10%. The Shenzhen Component Index climbed more than 1% in the afternoon, the ChiNext Index advanced 1.04%, the Shanghai Composite Index rose 0.23%, and over 4,000 stocks across the two bourses traded higher.

Bithumb will list RLUSD and AEON on its KRW trading pair market.

SK Hynix’s American Depositary Receipts (ADRs, ticker: SKHY) listed on the U.S. Nasdaq have launched a conversion mechanism with the company’s Korean domestic shares. Starting today, investors can convert ADRs to Korean shares or vice versa, subject to certain regulatory restrictions, offering global investors more flexible cross-border trading access. The move follows SK Hynix’s completion of its roughly $26.5 billion ADR issuance and listing in early July, further enhancing the stock’s global liquidity. Each ADR represents one-tenth of a Korean share; the U.S.-traded ADR currently still trades at a premium. It should be noted that actual conversion cannot be completed on the same day, as it requires procedures involving the depositary bank (Citibank), foreign exchange declaration, and administrative processes, typically taking several business days. Applications are primarily submitted via securities brokers to the Korea Securities Depository (KSD) and the depositary bank, while trade execution and arbitrage effectiveness are subject to the trading sessions of Korean and U.S. stocks (Korean shares trade during daytime hours, while U.S. shares trade at night).

According to Bitget’s market data, South Korea’s KOSPI index has narrowed its decline to 8.46% after previously falling more than 12%. SK Hynix is now down 11.5%, while Samsung Electronics is down 7.5%.