According to BlockBeats on July 27, Hyperinsight data shows that whale address 0xf29, described as betting on a “halve first after listing” outcome, is currently short 2.6 million CXMT. The position is valued at about $17.914 million, with an average entry price of $6.40.
The address is sitting on an unrealized loss of about $1.252 million. After adding cumulative funding payments of roughly $281,000, the total paper loss stands at about $1.533 million. The whale is using 1x leverage, with a reported return of -7.52% and a liquidation price of $17.75, while continuing to hold the short on low leverage over a longer horizon.
300 reduce-only orders placed before the A-share opening
Earlier in the day, before ChangXin Technology’s A-share market opening, the whale placed 300 reduce-only buy orders in a concentrated burst. The plan was to take profit in stages between $2 and $4.5, with total order size near 2.6 million CXMT, covering almost the entire short position. While those orders were being placed, CXMT traded in a range of $6.53 to $6.58.
Hyperliquid data showed CXMT at about $7.108 when the A-share opening price formed at 9:25. When continuous auction trading began at 9:30, the corresponding opening price for CXMT was $7.123.
More than 60% of the position is waiting for a 50% drop
The weighted average take-profit price across those orders was about $3.211, which is 54.9% below the 9:30 opening price. The highest take-profit band, at $4.5, was 36.8% below that opening level, while the deepest band, at $2, was 71.9% lower.
By distribution, 64.2% of the take-profit orders were placed below $3.561. That means more than 60% of the position is set to be closed only if CXMT falls to less than half of its listing opening price.
For now, it remains unclear whether CXMT will rally first and force the top short toward liquidation, or drop by half and allow the trader to exit according to plan.