On July 31, 2026, SKHX surged approximately 24.4% within just 24 hours, reaching about $1165.5, with a total daily trading volume climbing to approximately $1.514 billion (according to TradingBeats data, cited by BlockBeats). The price curve was nearly a vertical line, while the derivatives curve sharply turned downward at the same time: the value of SKHX's open contracts dropped from about $622 million to approximately $451 million, with around 27.6% of the leveraged positions being forced out of the market. At 8:02 AM, the short whale address 0x890 had 4892.6 SKHX short contracts forcibly liquidated at a margin call price of approximately $1133, with a notional amount of about $5.54 million; this liquidation was recorded as one of the day’s largest. Strangely, this address re-established a short position in SKHX within the same trading day, choosing to bet on a pullback on the asset that had just been "liquidated." Meanwhile, about 27% of related positions were withdrawn from SKHX and were reported as a deleveraging action, with exposure being rebuilt in assets related to Micron and SanDisk. Almost simultaneously, another front had just begun: on its 5th trading day, CXMT's price broke above $8, attracting attention, becoming a new battleground for betting—short address 0xf292 shorted 2.9 million CXMT, with a notional amount of approximately $23.54 million, currently facing an unrealized loss of about $4.67 million, having already paid about $1.42 million in funding fees; long address 0x9a80 held 1.63 million long contracts, with a notional amount of around $13.27 million, showing an unrealized gain of approximately $2.46 million, and gained about $823,000 in funding fee income, being described by observers as "the longs temporarily having the upper hand." On that same day, the short squeeze and deleveraging on SKHX, along with the confrontation between long and short whales on CXMT, created a vivid snapshot of concentrated leveraged risk release, with the market oscillating between passive squeezes and active reductions in positions.
24% Surge: SKHX Short Whale Liquidated
On the morning of July 31, SKHX displayed an almost "straight upward" trend. Within 24 hours, it increased by about 24.4%, reaching around $1165.5, with a single-day trading volume of approximately $1.514 billion (according to TradingBeats, cited by BlockBeats). As prices surged, the leverage on the contract side began to break down; according to AiCoin data, the value of SKHX's open contracts fell from $622 million to $451 million in about 12 hours, a decrease of around 27.6%, partly due to passive liquidations and partly from participants proactively reducing leverage after realizing the trend was out of control.
Under the spotlight was the short whale address 0x890. At 8:02 AM, the 4892.6 SKHX short contracts held by this address were forcibly liquidated when the price shot up to about $1133, with a notional loss of approximately $5.54 million, recorded by Hyperinsight as one of the largest single liquidations across all platforms that day. This liquidation not only cleared 0x890's bets at that price point but also marked a concentrated breakdown of SKHX's leveraged positions—data at the same time indicated that around 27% of related positions were withdrawn from SKHX, seen as a deleveraging action, and reallocated into assets related to Micron and SanDisk. However, the current fact database did not provide specific values or trends for SKHX's funding rates on the day, which means we could only observe the surface structure of prices, liquidations, and open contracts; whether leverage sentiment had been completely cleared remains a cautious question.
Not Giving Up After Liquidation: 0x890 Shorting SKHX Again
At the same time that many leveraged participants chose to withdraw, the address recorded as one of the largest liquidations of the day, 0x890, turned back to the battlefield. The data shows that this address saw 4892.6 SKHX short contracts liquidated at 8:02 AM for approximately $5.54 million at a margin call price of about $1133, and it could have maintained its distance from SKHX. However, within the same trading day, while SKHX continued oscillating at around $1165.5, 0x890 established a short position in SKHX again, indicating that it did not intend for the previous liquidation to signal an end.
From the information disclosed on-chain, there may be several paths behind this reverse choice: either a strong subjective doubt about SKHX's current valuation, believing the surge could not be sustained; or as part of a larger strategy, hedging risks in other directions by shorting SKHX; or it might stem from pure speculative psychology, attempting to "win back" the positions that were liquidated after the sharp squeeze. However, these motivations currently remain speculative. More importantly, this action itself indicates that amid a significant shrinking of open contracts and some capital choosing to deleverage, there are still sizable participants willing to continue bearing short risks in SKHX. Meanwhile, the specific scale, opening price, and current profits or losses of 0x890's newly established short position have not been provided by the fact database, leaving us unable to determine whether this is a more cautious, exploratory layout or another all-in bet; we can only temporarily observe the behavior itself.
27% Position Withdrawal: Switching SKHX to Micron and SanDisk
From the overall leverage structure, during these 12 hours on July 31, the value of SKHX's open contracts fell from about $622 million to about $451 million, an absolute reduction of approximately $171 million, a decrease of about 27.6%. According to BlockBeats summary, about 27% of related positions opted to withdraw from SKHX, classified as a "deleveraging" action. This means that while the price surged 24.4% within 24 hours, standing at about $1165.5, not all participants continued to increase their positions; rather, a group took advantage of the rapid rise to actively narrow their leveraged exposure.
Crucially, this portion of "withdrawn" capital has not been described as simply exiting; instead, it was reported as being switched to assets related to Micron and SanDisk, possibly re-establishing exposure through stocks, derivatives, or other asset forms, although the specific structure and scale were not disclosed. From a behavioral logic standpoint, this appears more like a risk reallocation completing within the same day—using floating profits and leverage space on SKHX to reposition into another set of assets, rather than making a clear bearish statement on SKHX itself. In the absence of price performance, volatility characteristics, and overall position size data for the new targets post-switching, we can at most view it as an action of "withdrawing approximately a quarter of leverage from a single asset and betting on multiple places," focusing future observations on whether SKHX's open contracts will continue to shrink and whether the removed leverage will inversely affect the sentiment and position structure of SKHX.
CXMT's Fifth Day: A Standoff Above $8
The leverage withdrawn from SKHX did not vanish into thin air. On the same day, with CXMT reaching its 5th trading day and its price breaking above $8, it quickly became the center of attention, turning into a new stage for bets with clear on-chain visibility. Both shorts and longs selected their representatives to step forward, raising the stakes into the tens of millions, and every price fluctuation ampliified on the profit and loss sheets of these addresses.
On the short side, address 0xf292 shorted 2.9 million CXMT, with a notional position of approximately $23.54 million, currently facing an unrealized loss of about $4.67 million and having paid approximately $1.42 million in funding fees, indicating it was not only on the opposing side of the price but also bearing the time cost for this wager; on the long side, address 0x9a80 went long on 1.63 million CXMT, with a notional position of around $13.27 million, currently showing an unrealized gain of approximately $2.46 million and having earned about $823,000 in funding fee income, thus legitimizing the narrative that "the longs are momentarily in the lead." However, in such a high-volatility new asset, both sides are walking a tightrope with high leverage, and the current advantage appears more like a snapshot in time than a predetermined outcome.
Two Major Bets on the Same Day: Leveraged Risks Still Accumulating
On the same day, the short squeeze and deleveraging on SKHX occurred nearly synchronously: prices surged 24.4% to approximately $1165.5, with 0x890 choosing to re-short after its notional position worth about $5.54 million was liquidated at 8:02 AM, while the value of open contracts dropped from about $622 million to approximately $451 million, with around 27% of related positions reported to have switched to assets related to Micron and SanDisk, constituting a typical concentrated risk release but not truly ending the leveraged betting. On the other hand, short 0xf292 on CXMT, with a notional position of about $23.54 million, faced an unrealized loss of approximately $4.67 million and had already paid about $1.42 million in funding fees, while long 0x9a80, on a notional position of around $13.27 million, showed an unrealized gain of approximately $2.46 million and earned about $823,000 in funding fee income, rapidly turning the newly listed asset into a new battlefield for leveraged confrontation among whales. Observing these two "major bets on the same day," the current market characteristic is not a retreat from leverage but rather whales amplifying short-term gains and losses on high-volatility assets; what remains to be seen is whether 0x890 on SKHX chooses to further enlarge or shrink its short position and whether 0xf292 and 0x9a80 on CXMT will continue to increase or gradually reduce their positions, while more participants choose to follow these whales to leverage up or take real action to pull back risks.
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