Wallet Cuts SKHX Short by About 35% and Adds to SKHY Long

A wallet beginning 0x0242 cut its short in the SKHX Korean-share contract by about 35% on Monday, Nov. 2, while increasing its long in SKHY, an American depositary receipt (ADR) contract tied to SK Hynix.

The account bought back about $7.215 million of its SKHX short, taking a loss of about $92,100 on the reduction. It also added about $1.15 million to its SKHY long.

After the changes, the wallet held about $13.8 million in SKHX shorts and $5.91 million in SKHY longs. The combined positions had an unrealized loss of about $518,000, preserving the account’s paired short-Korean-share, long-ADR position.

The SKHY premium over SKHX was about 40.71% on Oct. 2, widened to about 51.05% on Oct. 20 and narrowed to about 42.34% by Nov. 2.

A second wallet beginning 0x7fda held the largest similar paired position, valued at about $22.47 million combined, with an unrealized loss of about $780,000. Its SKHY long was about $19.84 million, compared with a $2.63 million SKHX short.