On July 20, 2026, there was a rare divergence in cross-market sentiment along the same timeline: According to a data platform, about one hour before the Hong Kong stock market opened, the contract price of ZHIPU on Hyperliquid temporarily plummeted more than 17%, hitting a low of approximately $120.7, putting high-leverage long positions under immediate pressure. The largest long address held a 10x isolated long position, incurring a floating loss of about $367,000, nearly losing 300% of its principal, yet chose not to reduce its holdings to stop losses but instead added approximately 409 contracts to average down, further amplifying its liquidation risk during the price's violent fluctuations. On the same day, on the other side, the SK Hynix SKHX contract opened on Hyperliquid at about $1168.1, quickly rising to about $1270.1, and then falling back to about $1185.3. Three newcomers, whales, who entered on that day were trapped after chasing the price up, with the latest buyer just about $60 away from the liquidation price, indicating that there is also a directional misjudgment in funding regarding chips and AI themes. In contrast to the fierce games on the contract side, on that day the KOSPI index in Korea broke below 6500 points during intra-day, with a daily decline of about 4.72%. Meanwhile, the Ministry of Industry and Information Technology of China disclosed in a press conference that the application penetration rate of artificial intelligence technology among large-scale manufacturing enterprises in the first half of the year had exceeded 30%. The optimistic fundamentals coinciding with the stock index pullback and severe fluctuations in synthetic assets created a macro emotional backdrop for the violent price swings of ZHIPU and SKHX, highlighting a significant misalignment of leveraged trading and fundamental narratives along the same timeline.

ZHIPU Plummets Over 17% in One Hour

According to AiCoin data, about one hour before the Hong Kong stock market opened on July 20, the synthetic contract price of ZHIPU on Hyperliquid rapidly declined, pulling directly out of a consolidation range into an almost vertical drop, with a maximum drop exceeding 17%, reaching a low of about $120.7 (according to a data platform, data was sourced from a single channel). This concentrated selling pressure almost entirely occurred in the anticipated trading period before the Hong Kong stock market opened, causing the synthetic asset price to react first to changes in sentiment, resulting in a clear misalignment between the "pre-market violent fluctuation" of on-chain contracts and the off-market basic assets that had not yet opened.

In terms of timing, this sudden drop occurred after two key events: First, on July 13, ZHIPU completed the placement of 19.78 million new H shares, which some participants viewed as a signal of increased short-term circulating chips supply; second, on July 17, the dark side of the moon released parameters for the large open-source model Kimi K3, with a scale of about 28 trillion, triggering discussions in the market about the competitive landscape of domestic large models. Currently, we can only observe that the contract price's violent fluctuations are close in time to the aforementioned events, but there is no direct causal evidence on the on-chain or fundamental levels. However, the elevation of short-term supply expectations combined with competition concerns from product releases may have amplified the risk-averse tendencies on the synthetic asset side emotionally. On synthetic asset platforms like Hyperliquid, prices are driven by both on-exchange trading and expectations, making the benchmark price during the unopen period of the Hong Kong stock market relatively ambiguous, which more easily leads to short-term deviations between synthetic contracts and the underlying Hong Kong stock, making this one-hour plunge of ZHIPU a typical representation of the misalignment under the intertwining of trading sentiment and pricing mechanisms.

ZHIPU Longs Lose Nearly 300% Yet Add Positions to Average Down

According to a data platform, the maximum long address for ZHIPU on Hyperliquid holds a 10x isolated long position, currently incurring a floating loss of about $367,000, with losses nearing 300% of its invested principal. More critically, during the phase of a short-term price plunge and being deeply trapped, this address did not choose to reduce its holdings or stop losses but instead added about 409 contracts against the trend, further tightening the already highly strained leverage structure, showcasing the typical behavior characteristics of "high-leverage averaging down."

In isolated margin mode, the risk of each contract position is calculated separately, seemingly isolating it from other assets of the address. However, 10x leverage means that as long as the price continues to fall, the speed of margin exhaustion and liquidation will significantly accelerate. Continuing to add positions while incurring a loss approaching 300% of the principal essentially indicates a trading mentality that prioritizes directional belief over risk control: traders attempt to average down costs betting on a rebound, while simultaneously exposing themselves to a narrower safety price margin. If subsequent fluctuations continue in the current direction, this concentration of high-leverage averaging down on a single large long position is no longer just isolated trading noise; it serves as on-chain evidence of the fragility of the entire ZHIPU contract long structure, indicating that in the synthetic asset market, the effect of high-leverage belief positions on short-term prices and strong liquidation pressure has already taken on a realistic basis.

SKHX Opens with 8.7% Surge and Quick Reversal, Three Whales on the Wrong Side

According to a data platform, after the SKHX contract opened at about $1168.1 on July 20, it was rapidly pushed up to about $1270.1 within a short period, registering a maximum intra-day increase of about 8.7%, before retreating back down to about $1185.3, with a downward adjustment of about 6.7% from the high point. This "open high - rapid pullback" one-way surge structure concentrated risks onto short-term chasing funds: three whale addresses that only entered the market that day bought large amounts when the price approached the intra-day high range, showing an average entry price significantly above the price range after the pullback, putting them into a floating loss position immediately after entering, with the latest buyer being only about $60 away from the liquidation price, compressing the safety buffer zone into a narrow fluctuation space, where even one or two 5% unilateral fluctuations could trigger a liquidation.

In contrast to the dominant long position on ZHIPU, which resisted deeply through multiple averaging down during a significant retracement, the three new whales on SKHX seemed more like short-term trend traders betting on the continuation of the opening surge, choosing to concentrate their positions in a local extreme zone while placing their liquidation lines relatively close to the market price. The former utilized high leverage combined with long-term belief, tolerating significant floating losses for potential rebounds; the latter, lacking clear fundamental or macro-catalytic public information, followed the market rhythm to capture short-term continuation, yet exposed themselves to an extremely narrow margin of error. These two distinctly different position management approaches starkly juxtaposed on the same synthetic asset platform reveal that current participants' preferences for risk and trading cycles have specifically manifested on the address behavior level rather than in abstract emotional judgments.

KOSPI Plunge Contrasts with AI Positive Signals from the Ministry of Industry, Emotional Tear

On the same trading day, addresses on Hyperliquid made entirely opposite leverage choices around ZHIPU and SKHX, while the traditional index picture clearly leaned towards "risk contraction." According to a data platform, on July 20, 2026, the KOSPI index in Korea once dipped below 6500 points during intra-day trading, with a daily decline of about 4.72%. In the absence of clear macro or policy catalytic public information, this rapid drop in the broad-based index more closely reflects a weakened overall risk appetite and pressure from the external environment, contrasting sharply with the few synthetic assets on the platform still experiencing high leverage and fierce long/short confrontations.

At the same time, the industrial side provided completely opposite signals. According to public information, the Chief Engineer of the Ministry of Industry and Information Technology of China stated at a press conference that the application penetration rate of artificial intelligence technology among large-scale manufacturing enterprises had exceeded 30% in the first half of the year, and the same material also mentioned that the cumulative download volume of AI open-source large models worldwide had surpassed 10 billion times. These figures collectively outline the accelerating diffusion of AI applications and the open-source ecosystem. It is important to emphasize that these figures currently all come from a single source, making them more suitable as observation indicators of industrial progress and technological penetration rather than as direct mapping "trading pointers" for short-term pricing of synthetic assets like ZHIPU and SKHX. The co-existence of optimistic fundamentals with severe fluctuations in stock indices and contracts is itself a concrete manifestation of the current market's emotional tear.

AI Synthetic Assets and Traditional Market Mispriced

On the same trading day, the extreme leverage games of ZHIPU and SKHX on Hyperliquid starkly contrasted with stock indices and policy news. According to a data platform, the ZHIPU contract plummeted over 17% about one hour before the Hong Kong stock market opened, while the largest long address continued to add approximately 409 contracts to average down amid a floating loss of about $367,000, with losses nearing 300% of its principal; whereas the SKHX contract soared from around $1168.1 to about $1270.1 before retreating back down to about $1185.3, with multiple new-entry whales trapped after chasing the price up, of which the latest one was only about $60 away from the liquidation price. Simultaneously, according to public information, the KOSPI index in Korea dropped below 6500 points, declining about 4.72% in a day, while the Ministry of Industry and Information Technology of China disclosed that the application penetration rate of AI technology among large-scale manufacturing enterprises had exceeded 30% in the first half of the year, adding that the cumulative download volume of global open-source large models had surpassed 10 billion times, forming a distorted picture of "bearish indices, optimistic industries, and severe leverage of synthetic assets." In the current absence of more granular on-chain quantitative indicators and cross-market funding data, a more cautious judgment is: the short-term pricing of AI-related synthetic assets is highly dominated by the behaviors and emotions of high-leverage addresses, and the risk exposure is first reflected in position structures and risk management, rather than in the single price fluctuations themselves. Key variables worth tracking moving forward will be whether the main long position in ZHIPU chooses to continue adding positions to resist volatility or is forced to liquidate, whether the newly-entered whales in SKHX can withstand the current price difference pressure, and whether, with more industrial fundamental data disclosure, the market will reassess the weight of actual performance and technological progress in synthetic asset pricing.

Join our community to discuss and become stronger together!
AiCoin exclusive Hyperliquid benefits: https://app.hyperliquid.xyz/join/AICOIN88
AiCoin exclusive Aster benefits: https://www.asterdex.com/zh-CN/referral/9C50e2
On-chain Telegram community: https://t.me/AiCoinWhaleData
On-chain community: https://www.aicoin.com/link/chat?cid=N6OVMor5g
AiCoin on-chain Twitter: https://x.com/aicoinwhaledata

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。