The real factor influencing the trend in the crypto derivatives market is often not short-term price fluctuations, but the massive limit order defenses placed by large funds at key price levels. On-chain monitoring has detected a veteran trading whale with cumulative profits exceeding $17.35 million (wallet address: 0x4e23...ae20c3) placing a total nominal value of $203 million in limit short orders in the SPCX price range of $141.93–$142.90, attracting the attention of traders across the market. This whale also holds long positions in SPCX, forming a special position structure of "base long positions + giant short order wall at the top." The area around $142 will become the core short-term battleground between bulls and bears. Market facts: a $203 million short order wall forms a top resistance barrier. The large account's order details are not a single large order but dozens of split limit short orders ranging from tens of thousands to millions of dollars, densely stacked to form a selling pressure wall: 1. Short order range: $141.93 ~ $142.90 2. Total nominal short order size: $203 million 3. Current holdings: holding $8.98 million worth of SPCX 10x leveraged long positions, currently with slight unrealized losses. Holding spot/perpetual longs on one side while placing massive short orders at key resistance levels above. There are two mainstream market interpretations: one is hedging position risk to lock in long profit zones; the other is pre-placing short orders at resistance to short-sell and harvest profits after price spikes. Whale strength: having gone through multiple bull and bear cycles, with cumulative profits of $17.35 million. Accounts capable of deploying hundreds of millions in orders have complete and

Stop short selling! $SNDK SanDisk is heading to 1600! SanDisk's CFO stated that the company expects to secure a total contract value of $93.9 billion from 8 customers during the contract period. SanDisk anticipates a non-GAAP gross margin of about 80% from fiscal year 28 to fiscal year 30. Here's what's going on: 1. $93.9 billion guaranteed long-term orders (NBM long-term contract model) SanDisk has signed long-term supply agreements with 8 AI data center and edge computing customers. The agreements last up to 5 years, with an average term of over 4 years. Based on the floor price, the minimum guaranteed revenue is $93.9 billion. The long-term contracts use a floor price plus floating pricing model. When flash memory prices rise, the company can also share part of the price gains. 2. Long-term profitability guidance (FY28-FY30) ① Non-GAAP gross margin midpoint at 80%; ② Also provided supporting targets: non-GAAP operating margin about 75%, adjusted free cash flow margin maintained at 50%. In the short term (FY27), gross margin can still be maintained at 83%-85%. As the proportion of long-term contracts with 80% gross margin gradually increases, future gross margin will slowly approach 80%. SanDisk's CFO stated that all excess cash is expected to be returned to shareholders. Upon this news, SanDisk's stock surged directly from 1423 to 1520 and is still rising! How to interpret this for the stock price/storage sector? ✅ Positive points: Locks in AI storage demand for the coming years. Greatly increases earnings certainty. Alleviates market concerns about rapid demand disappearance. Provides support for long-term valuation. ⚠ Potential downside: Willingness to sign long-term contracts is equivalent to using one part

Top two storage whales in the US stock pre-market plan to exit, placing $13.7 million closing sell orders. After yesterday's CPI release, the four major storage stocks collectively rebounded. Hyperliquid traders placed about $42.311 million sell orders at higher prices, pre-exposing the next round of reduction and profit-taking plans during the rally. Specifically: $SNDK reported at $1346.3, with cumulative sell orders of about $16.364 million in the price range above the current price up to $1400. Among them, the "King of Storage" starting with 0x0ad9 has placed a "reduction only" sell order covering the entire position at $1392, planning to exit about $5.468 million in holdings. $SKHYNIX reported at $1107.6, with cumulative sell orders near $1200 totaling about $18.01 million, requiring a price increase of about 15.6% from the current price to reach the orders. Among the other two stocks, $SKHY has about $5.861 million sell orders near $160, and $mu has about $2.076 million sell orders near $1000. The CPI data met expectations, and the storage sector (SNDK SanDisk, SKHX, etc.) saw a rebound. The whales did not choose to sell directly now but placed limit sell orders at high prices in advance, planning to take profits and exit after the price surges. The total sell order scale sums to $42.311 million. SNDK (SanDisk): Resistance range $1392‑$1400. The whale placed a full position sell order of $5.468 million at $1392. There is over $10 million selling pressure below $1400, meaning once the price surges to 139