A newly created whale wallet has deposited $10 million in USDC to Hyperliquid to short CXMT, according to monitoring data cited by BlockBeats from Lookonchain on July 16. The address has already opened a 1x short position of 514,357 CXMT, valued at about $3.8 million based on the figures provided in the report. The wallet also placed limit orders to add another 490,000 CXMT in short exposure if the price moves into the $8 to $9 range. That planned addition was valued at roughly $4.17 million in the source report. The move points to a sizable directional bet by a newly funded address, with the trader using USDC as collateral on Hyperliquid and leaving room to scale further into the position through preset orders rather than a single market entry.
BlockBeats reported on July 16, citing Lookonchain monitoring, that a newly created whale wallet deposited $10 million in USDC to Hyperliquid to short CXMT, identified in the source as ChangXin Memory Technologies, with ChangXin Technology as the listed entity.
The wallet has already opened a 1x short position of 514,357 CXMT, valued at about $3.8 million based on the figures in the report.
It has also placed limit orders to build an additional short position of 490,000 CXMT between $8 and $9, with that planned position valued at roughly $4.17 million.
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