BlockBeats News, July 31st, according to TradingBeats, SKHX rebounded to $1165.5 today, with a 24-hour increase of about 24.4%, and a trading volume of $15.14 billion. However, from 11 PM last night to 11 AM this morning, its open interest value decreased from $6.22 billion to $4.51 billion, a decrease of about $172 million, a 27.6% decline; Micron experienced a significant deleveraging again.

In the past 24 hours, position change data shows that based on a standard of reducing positions by over $1 million from a single address, a total of 40 SKHX long positions holders reduced their positions, collectively reducing their positions by about $172 million at the current price. Among them, 29 addresses have closed all their original long positions, and some addresses subsequently took short positions.

During the same period, only 17 addresses with millions of dollars increased their long positions, with a total increase of about $55.354 million, resulting in a net reduction of long positions by about $116 million within the sample.

Short positions also exited on a large scale. In the past 24 hours, 40 million-dollar level short addresses collectively covered about $148 million. From this perspective, this round of rebound was not simply driven by new long positions, but by a concentration of short positions covering and long positions taking profits at high points occurring simultaneously, ultimately leading to a significant price surge, but a contraction in open interest.

The largest reduction came from the previous largest long position holder in SKHX, address 0xc8b. This address sold all 37,229.1 SKHX this morning, equivalent to about $433.91 million at the current price, with an average closing price of about $1135.2, realizing a profit of about $5.717 million. The current SKHX position is now zero.

Other significant exits include: 0x2dac liquidated about 14,667 long positions, equivalent to about $17.094 million at the current price; 0x469e cleared 14,332.6 positions, with a transaction value of about $15.027 million; 0x4662 cleared 6000 positions, with a transaction value of about $6.084 million; 0x215b also closed all original long positions.

Accompanied by long position profit-taking and short position covering, funds did not leave the storage sector but partially flowed into MU, SNDK, and SKHY.

Among the million-dollar level addresses sample, MU, SNDK, and SKHY recorded approximately $44.829 million, $63.180 million, and $44.790 million in new long positions respectively. Deducting the reductions during the same period, SNDK had a net increase of about $10.501 million in long positions, SKHY had a net increase of about $26.357 million; MU still had a net reduction of about $29.006 million, with the net inflow mainly concentrated in SanDisk and SK Micron ADR.

According to the hourly snapshot from last night to this morning, the open interest of MU, SNDK, and SKHY increased by approximately 12.7%, 9.4%, and 12.9% respectively, contrasting with a significant reduction in SKHX's position. During this period, SKHY surged by 25.9%, showing slightly stronger performance than SKHX, with its ADR premium over SKHX expanding further to about 35.0%.

At the time of writing, SKHX's hourly funding rate has receded to approximately +0.0004%, approaching a neutral position; while MU, SNDK, and SKHY have funding rates of -0.0038%, -0.0064%, and -0.0002% respectively.