Hynix Trader Cuts Net Short Exposure to $3.59 Million as ADR Premium Stands at 48.4%

A trader cut its net short exposure to SK Hynix's Korean-share-linked contract to $3.59 million on Nov. 9, while the onchain implied ADR premium stood at 48.4%. Wallet 0x0242 bought back about $10.17 million in SKHX short contracts, realizing about $624,900, and added to its SKHY contract linked to the company's American depositary receipt (ADR). The wallet ended with 16,300 SKHX short contracts and 81,100 SKHY long contracts, compared with 25,100 shorts and 58,700 longs earlier that day. The positions were valued at about $13.61 million in SKHX shorts and $10.02 million in SKHY longs.