A whale that opened what analyst Ember described as the largest short position in CXMT one day before ChangXin Technology’s listing is now sitting on a loss of $10.82 million, according to ChainCatcher. The update came as CXMT rose 5% and pushed the company’s market capitalization above 4 trillion yuan. Ember said the trader has held the position for a month, shorting 2.9 million shares at $6.5. With CXMT now at $8.6, the mark-to-market loss on price movement stands at $6.3 million. On top of that, the trader has already paid $4.52 million in funding fees. The figures highlight the pressure on a large directional short as the stock continues to climb.
According to ChainCatcher, on-chain analyst Ember said the trader holding the largest short position opened one day before ChangXin Technology’s listing is now down $10.82 million.
The update came as ChangXin Technology (CXMT) rose 5%, lifting its market capitalization above 4 trillion yuan. Ember said the whale has held the position for one month after shorting 2.9 million shares of CXMT at $6.5. With the price now at $8.6, the loss from price movement has reached $6.3 million, while funding fees paid so far total $4.52 million.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
