SKHX was trading at $1,042.1 on Aug. 7, but a whale address starting with 0x6bb still appears to be targeting much lower levels before exiting, according to monitoring data from TradingBeats, formerly Hyperinsight.
The address is currently running a 10x full-position short on 6,687 SKHX, with the position valued at about $6.969 million. Its average entry price stands at $1,338.3, leaving the trade with roughly $1.981 million in unrealized profit and a 221.3% return at current levels.
Most take-profit orders sit far below the market
Even with paper gains already close to $2 million, the whale has placed take-profit orders for 5,897 contracts, or 88.2% of the current short, between $600 and $747.47. The weighted average take-profit price is $672.7.
Based on the current SKHX price, that means the highest take-profit level would still require another 28.3% drop, while the lowest level would imply a 42.4% decline. If all of those orders were filled, rough calculations based on the current position cost suggest the trader could lock in about $3.925 million in profit.
The whale added to the short instead of trimming on the rebound
TradingBeats data cited by BlockBeats shows the address did not reduce exposure during today’s rebound. Instead, it added another 790 SKHX shorts through 10 TWAP orders at around $1,004.6, representing about $794,000.
Over the past month and more, the address has been rolling the position by covering on dips and shorting again on rebounds.
Cost basis has been lowered since the initial short build
The address began materially building the short on June 22 at about $1,892.3. Its blended cost basis has since been rolled down to $1,338.3.
Historical cumulative profit is about $7.887 million, while profit over the past 30 days is about $3.63 million. At present, roughly 99.4% of the address’s contract exposure remains concentrated in SKHX.
The next point to watch is whether those take-profit orders placed in the $600 to $747 range begin to move higher.