The DRAM index dropped about 6% in 4 hours on June 29, now at $70.68, caused by the spillover from South Korean memory sell-offs; the whale address 0x7b5 on the Hyperliquid platform opened a position at the beginning of the month, taking a $5.2 million long position with 20x leverage, with the liquidation line at $68, about $2.7 (approx. 3.8%) from the current price.
Hyperliquid Platform DRAM Long/Short Positions and Liquidation Conditions
(Source: Trading View)
According to Hyperinsight monitoring data, the main DRAM positions on the Hyperliquid platform are as follows:
Long whale 0x7b5: 20x leverage, position $5.2 million, liquidation line $68, about $2.7 from current price $70.68; opened at the beginning of the month
Short whale 0x4e23 (Memory chain short whale): 6x leverage, short position $14.29 million (average price $77.73), opened on June 24, also shorting Micron, SanDisk, and Western Digital, currently floating profit of about $1.47 million
Overall picture: On-chain average long price about $70.12, short about $68.35, short nominal size about 2.35 times that of longs, overall biased bearish
DurdenBTC and Darkfost on Bitcoin Bottom Signal Trigger
DurdenBTC said on X platform on June 27: "The bottom signal I’ve been waiting for just triggered. It has caught every cycle low since 2016. Although the next few weeks will still be tough, if it felt comfortable to buy here, this signal wouldn’t exist."
CryptoQuant analyst Darkfost explained on the same day that the core indicator triggering the signal is the UTXO "Profit vs Loss Spending Quantity Ratio". UTXO (Unspent Transaction Output) is the basic unit for recording holding cost in Bitcoin; when the number of loss-spending UTXOs rises sharply, it indicates a significant increase in the proportion of holders selling at a loss.
Darkfost pointed out that this ratio has dropped to the lowest level of this bear market, triggering for the first time since this correction, "indicating the beginning of a broader capitulation." The above are all analysts' personal views and not investment advice.
Swissblock's Assessment of Bitcoin Momentum: Bottom Forming, Momentum Still Negative
On-chain analysis firm Swissblock pointed out that Bitcoin may have come out of the initial crash, but is still in the bottom formation phase. Swissblock said, "Price is stabilizing, but momentum is still deeply negative, Bitcoin's impulse has only just returned to neutral," meaning that to enter a clear upward trend, market momentum needs more time to rebuild.
This assessment aligns with DurdenBTC's statement that "the next few weeks will still be tough": the triggering of the capitulation signal is a necessary condition, not a sufficient condition for having entered an upward trend.
FAQs
What is the direct cause of today's drop in the DRAM index?
According to Hyperinsight's monitoring, the DRAM index dropped about 6% in 4 hours on June 29, directly caused by the spillover effect of South Korean memory sell-offs. Short whale 0x4e23 had opened a $14.29 million short position at an average price of $77.73 on June 24, also shorting Micron, SanDisk, and Western Digital, currently with a floating profit of about $1.47 million.
Under what conditions will Hyperliquid whale 0x7b5 be forcibly liquidated?
According to Hyperinsight data, 0x7b5 holds a $5.2 million 20x leverage DRAM long position with a liquidation line at $68. If the DRAM index continues to fall by about $2.7 (approx. 3.8%) from the current $70.68, the position will trigger forced liquidation, with losses covered by margin.
Does the UTXO bottom signal trigger mean Bitcoin will rebound immediately?
According to the public explanations of DurdenBTC, Darkfost, and Swissblock, the UTXO bottom signal trigger indicates that the market is experiencing large-scale capitulation, consistent with the technical characteristics of historical cycle lows, but does not mean an immediate rebound. Swissblock stated that Bitcoin momentum is still deeply negative, and DurdenBTC also explicitly said "the next few weeks will still be tough." The above are all analysts' personal views and not investment advice.
