SKHX Crashes to $927 on Hyperliquid, Triggering $79.4M in Liquidations on July 28

According to BlockBeats citing Hyperinsight data, SKHX on Hyperliquid plummeted from $1,128.2 to $927 on July 28 at 7 a.m. Beijing time, triggered by extreme volatility during low-liquidity Korean trading hours. The price spike was transmitted via oracle to mark price, initiating cascading liquidations across long positions.

Total liquidations in the past 4 hours reached approximately $79.4 million. Open interest on Hyperliquid fell from 410,700 contracts to 353,600 contracts, declining 13.9%, while notional value of holdings decreased from $508 million to $388 million, a 23.5% contraction. Trading volume surged to $901 million over 24 hours, roughly 2.3 times current notional open interest.