Data cited by BlockBeats on July 27 showed that, on the eve of Changxin Technology’s listing, attributable CXMT wallets on Hyperliquid were split by region: wallets tagged to the U.S., Hong Kong, and mainland China were net long overall, while Korean-tagged wallets were the dominant shorts in the sample.
Regional positioning in the CXMT sample
According to Allium, Korean-tagged wallets held about $760,000 in short positions, with short exposure roughly 38 times the size of their long exposure. Wallets tagged to Taiwan also leaned bearish, posting net shorts of about $329,000.
On the long side, U.S.-tagged wallets held $1.6 million in longs and $345,000 in shorts, for net longs of about $1.255 million. Hong Kong-tagged wallets held $1.3 million in longs and $431,000 in shorts, leaving net longs of about $869,000. Mainland China-tagged wallets held only $83,000 in longs and $16,000 in shorts, for net longs of about $67,000.
Theoretical loss on the Korean short book
If the full $760,000 in Korean-tagged short positions had been opened before trading began at a uniform price of $6.48, with no later position adjustments and using 1x leverage throughout, the theoretical floating loss would be about $48,500, equal to roughly 6.4%.
Limits of the attribution data
Allium’s documentation says that about 25% of Hyperliquid addresses in its broader address database can be assigned a country attribution. The actual coverage rate and confidence breakdown for this CXMT sample were not disclosed.
Allium also said its regional labels are inferred from signals including on-chain associations, funding sources, and active time zones. Those tags do not necessarily reflect a holder’s actual nationality or real-time location. Open interest also does not represent the number of traders.