Hyperliquid's SKHX Posts Single-Day Loss of $2.2M as Long Whale Gets Trapped on June 29

According to BlockBeats, on June 29, Hyperliquid's SKHX (SK Hynix) token fell to $1,672, down 3.5% in 24 hours, while SMSN (Samsung) dropped to $208.7, declining 5.8%. A major long whale that entered with 2x leverage at $1,820.64 on June 24 with a $29.09 million position now faces a floating loss of approximately $1.77 million, with single-day drawdown reaching $2.2 million.

Across the SKHX market, large holders remain predominantly short, with short-side notional value at 1.49x long positions. Long traders averaged $1,608 per token while shorts averaged $1,654, leaving both sides squeezed as the current price trades between them. The selloff persisted despite SK Hynix and Samsung's announcement of a 10 trillion won chip expansion plan on June 29, as macro headwinds—including South Korea's MSCI exclusion, capital outflows, and leverage-driven ETF liquidations—overwhelmed the positive news.