SK Hynix is currently around 1246u. That wave before—charging up to 1233 and then pulling back—this time looks a bit different.
First, look at the order book. The buy wall in the spot market is more than twice as thick as the sell wall. The bid-ask spread is so tight you can almost see through it. At this level, it looks like someone has been consistently taking bids—over the past 24 hours, they pushed it down to 1224, but it was pulled back again. Clearly, there are hands defending the low.
Next, look at the futures. Over the last 24 hours, open interest has dropped by 9 percentage points. This round appears to be leverage getting flushed out, not new long positions stubbornly holding on. The funding rate is hovering near zero; in earlier rounds it was even negative. That suggests the long side isn’t crowded at all—conversely, the shorts are paying to keep positions open.
What’s really interesting is the big players. Positions are shrinking, yet the whale longs’ share is still rising—over the last 7 hours they added another 2-plus points. In other words, the weak-hand leverage gets washed out, and large capital is taking over the position at lower levels.
That said, for short-term “active” trades, the sellers are still in advantage. The 4-hour structure still hasn’t flipped back. The shorts don’t seem to have given up.
So my view: don’t chase at this spot, but I also don’t lean too bearish. With leverage flushing, big funds taking over, and spot-side support all lining up, the downside space is limited. The key is whether the 4-hour timeframe can flip the structure back to bullish—once it’s back, chasing will feel much more comfortable than it does now. For now, I’ll just hang orders and observe, waiting for confirmation.
#skhynix $SKHYNIX
First, look at the order book. The buy wall in the spot market is more than twice as thick as the sell wall. The bid-ask spread is so tight you can almost see through it. At this level, it looks like someone has been consistently taking bids—over the past 24 hours, they pushed it down to 1224, but it was pulled back again. Clearly, there are hands defending the low.
Next, look at the futures. Over the last 24 hours, open interest has dropped by 9 percentage points. This round appears to be leverage getting flushed out, not new long positions stubbornly holding on. The funding rate is hovering near zero; in earlier rounds it was even negative. That suggests the long side isn’t crowded at all—conversely, the shorts are paying to keep positions open.
What’s really interesting is the big players. Positions are shrinking, yet the whale longs’ share is still rising—over the last 7 hours they added another 2-plus points. In other words, the weak-hand leverage gets washed out, and large capital is taking over the position at lower levels.
That said, for short-term “active” trades, the sellers are still in advantage. The 4-hour structure still hasn’t flipped back. The shorts don’t seem to have given up.
So my view: don’t chase at this spot, but I also don’t lean too bearish. With leverage flushing, big funds taking over, and spot-side support all lining up, the downside space is limited. The key is whether the 4-hour timeframe can flip the structure back to bullish—once it’s back, chasing will feel much more comfortable than it does now. For now, I’ll just hang orders and observe, waiting for confirmation.
#skhynix $SKHYNIX