A crypto whale has reopened a large leveraged position on Hyperliquid’s SKHX perpetual market.
The move comes just days after the trader took a multi-million-dollar loss, as market participants continue positioning ahead of SK Hynix’s expected Nasdaq debut.
On-chain data shows wallet 0x66F4 deposited 20.32 million USDC into Hyperliquid. It then opened a 2x leveraged long position of 15,121 SKHX, worth about $22.5 million.
Onchain Lens Breaks Down the Trade
Blockchain tracker Onchain Lens also reported the latest transaction. It said this was the wallet’s first trade since May 23. The position was opened at $1,480.57, with a liquidation price of $145.24.
At the time of reporting, the trade showed an unrealized loss of about $123,555. Moreover, the wallet’s lifetime trading record remained down by roughly $89,700.
Whale Bets Again After $4.4M Loss
The latest trade comes about a week after a separate whale lost $4.4 million on a previous SKHX long position. Despite that setback, the trader returned with another 2x leveraged long.
The position covered 21,207 SKHX worth roughly $30.17 million. At the time of the update, it was showing an unrealized gain of about 1,322,707.
The renewed position suggests the whale remains bullish on the synthetic pre-IPO market despite recent losses.
Another Trader Keeps Accumulating
Onchain Lens also highlighted another trader, yixie (@yixie10), who has generated more than $9.42 million in lifetime profits. The trader currently holds 1,840 SKHX, valued at about $2.79 million. The position has an unrealized gain of roughly $324,300.
The trader has also placed a TWAP order to buy another $1.05 million worth of SKHX. The order targets a price range between $1,488 and $1,520, suggesting continued accumulation.
Open Interest Surges Before Listing
Interest in SKHX has continued to build ahead of SK Hynix’s expected Nasdaq listing on Friday.
According to data shared by GoldRush, open interest in SKHX perpetual contracts on Hyperliquid reached about $250 million. The contracts also recorded $880 million in 24-hour trading volume. SKHX was trading near $1,571.23, up 8.2% over the past 24 hours.
Fhenix contributor Zenonchain said the strong open interest ahead of the public listing reflects solid demand for pre-IPO exposure. He compared the activity to earlier synthetic markets tied to SpaceX and Cerebras.
Zenonchain also noted that the Hyperliquid Stocks sector gained 6.1%, highlighting growing interest in tokenized pre-IPO assets.
