The biggest trader betting against Changxin Technology (CXMT) has fully closed the position, according to on-chain tracker Ember. The account had opened the short one day before CXMT was listed and finished unwinding it 10 hours ago.
The total loss reached $10.98 million. Of that amount, $5.18 million came from funding costs tied to holding the short, while another $5.8 million was attributed to adverse price movement.
Ember said the trader had entered the short at $6.5, expecting the token to fall after listing. Instead, CXMT kept moving higher. After holding the position for two months, the trader exited at $8.5 and took the loss.
The report focuses on the largest short seller that entered ahead of the listing and has now fully covered the trade.
The largest trader that shorted Changxin Technology (CXMT) ahead of its listing has now fully closed the position, according to Ember. The position was completely unwound 10 hours ago, ending with a cumulative loss of $10.98 million.
The breakdown shows $5.18 million in funding costs and $5.8 million in losses caused by price movement.
Ember said the trader opened the short one day before CXMT was listed, entering at $6.5 in a bet on a decline. CXMT kept gaining instead. After holding the trade for two months, the trader exited at $8.5 and closed the position at a loss.
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