Whales shorting SK Hynix for over $1M are all at a loss

Whale addresses that have opened short positions of over $1 million on SK Hynix (SKHYNIX) on the decentralized exchange Hyperliquid are all facing unrealized losses, Hyperinsight reported. The address with the largest loss opened a 4x short position worth $4.36 million on Feb. 20 at an average entry price of $816 and is currently down $1.58 million, a 119% loss. Hyperinsight explained that despite SK Hynix's stock price repeatedly setting new all-time highs, short sellers continue to enter the market. The average entry price for recently active whales is around $1,250. However, as the price continues to rise, these investors are at risk of forced liquidation, the firm added. SK Hynix is currently trading at $1,282.85 on Hyperliquid. For comparison, SK Hynix shares closed at 1.88 million won (approx. $1,372) on the South Korean stock market on May 11.