On-chain analyst Yu Jin flagged a whale address that opened a short position in CXMT (ChangXin Technology) one day before the listing. The short, sized around $22.86 million with an entry near $6.5, has remained open for roughly half a month. The address has paid about $3.4 million in funding fees and is sitting on an unrealized loss of roughly $4 million, bringing combined losses to approximately $7.4 million. Yu Jin noted that even if CXMT falls back to the $6.5 entry price, the trader would still face the high funding costs accrued during the holding period.
ChainCatcher reports, citing on-chain analyst Yu Jin, that a whale address opened a short position on CXMT (ChangXin Technology) one day before the listing. The short was entered at roughly $6.5 and has not been closed for about half a month.
The position is currently sized at around $22.86 million. During the holding period, the address has paid approximately $3.4 million in funding fees, while the short carries an unrealized loss of about $4 million. Combined losses stand at roughly $7.4 million.
Yu Jin said that even if CXMT's price falls back to the $6.5 entry level, the address would still have to bear the high funding costs that have been accumulating throughout the holding period.
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