Micron's earnings report triggers a full-chain short squeeze in storage tokens; "big whales" who went short at highs face a combined loss of about $5.9 million on three major storage short positions
BlockBeats News, on June 25, according to Hyperinsight monitoring, the "sell on highs" whale has entirely shorted various AI industry chain targets, with main positions concentrated in Micron Technology, SK hynix, and DRAM index shorts. After Micron's earnings triggered a surge in the storage sector, these three short positions simultaneously suffered significant floating losses:
MU (4x leverage): Position size USD 7.26 million, average price USD 871, floating loss USD 2 million;
SK hynix SKHX (4x leverage): Position size USD 15.3 million, average price USD 1,461, floating loss USD 3.13 million;
DRAM (4x leverage): Position size USD 4.37 million, average price USD 63.4, floating loss USD 790,000.
The total floating loss of the three positions is about USD 5.92 million. Currently, MU, SKHX, and DRAM are up 11.5%, 10.6%, and 9.6% respectively on the day. The on-chain whales for these three major targets are still maintaining a bearish stance, with short/long nominal ratios at 1.5x, 1.4x, and 1.75x respectively. The average entry costs of large position holders are as follows:
MU: The overall average price for long whales is about USD 1,066, and for shorts about USD 894, with a current price at USD 1,220;
SKHX: The overall average price for both longs and shorts is nearly the same, around USD 1,638, both below the current price of USD 1,876;
DRAM: The overall average price for longs is about USD 68.5, for shorts about USD 72.1, with the current price around USD 78.3.
Address: 0x4c78a97cef589b01bb91dbf893fffa14243d2444
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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