1242 has already reached the doorstep of a 24-hour high, but the futures contract market is coming with nothing but cold water. In the past four hours we saw five yang candles and one yin candle, and on the daily chart there’s a single big bullish candle—price-wise everything looks fine. However, the funding rate is still negative, and the split on aggressive trades is 50/50. This 6.45% rise wasn’t pushed by leverage; it’s an “air jump” with nobody jumping in to ride along.
What stands out most is the large accounts. Over seven hours, the number of long accounts has dropped by nearly 23%, yet the price is climbing higher and higher. On the positioning side, they still hold 69% of long positions without unwinding, which suggests this isn’t liquidation—someone is actively dumping their inventory into the rising move. The distribution is being done by the whales; who’s doing the receiving is obvious.
Now look at the incremental data: OI only increased by 1.37% in a day, while price surged 6.45%. The funding “speed” simply can’t keep up with price. Even in spot order book depth, the 20-level sell walls are thicker than the buy walls—above 1251, what’s piled up isn’t ammunition for bids, it’s selling pressure.
So at this level I’m going short. I will short in batches from 1241–1250. The first target is 1225. Only if it breaks below the two moving averages will this rebound be considered over. If, on the four-hour chart, it closes with increased volume below 1252 and the funding rate turns positive—while the aggressive buy-side starts replenishing—I will immediately reverse my short stance. #skhynix $SKHYNIX
What stands out most is the large accounts. Over seven hours, the number of long accounts has dropped by nearly 23%, yet the price is climbing higher and higher. On the positioning side, they still hold 69% of long positions without unwinding, which suggests this isn’t liquidation—someone is actively dumping their inventory into the rising move. The distribution is being done by the whales; who’s doing the receiving is obvious.
Now look at the incremental data: OI only increased by 1.37% in a day, while price surged 6.45%. The funding “speed” simply can’t keep up with price. Even in spot order book depth, the 20-level sell walls are thicker than the buy walls—above 1251, what’s piled up isn’t ammunition for bids, it’s selling pressure.
So at this level I’m going short. I will short in batches from 1241–1250. The first target is 1225. Only if it breaks below the two moving averages will this rebound be considered over. If, on the four-hour chart, it closes with increased volume below 1252 and the funding rate turns positive—while the aggressive buy-side starts replenishing—I will immediately reverse my short stance. #skhynix $SKHYNIX
