ZHIPU saw a sharp selloff on Hyperliquid before the Hong Kong stock market open, according to monitoring data from Hyperinsight. The token fell to as low as $120.7 within about an hour, a drop of roughly 17%, and losses continued during Hong Kong trading hours. The move added pressure to the largest known ZHIPU bull on the platform, a whale address starting with 0xddb, which remained in the trade and added to the position instead of exiting.
Hyperinsight data showed the whale is currently holding a 10x isolated long of 7,300 contracts with a position value of about $905,000. The average entry price stands at $174.2, while the liquidation price is around $78.3. The unrealized loss was about $367,000 at the time of reporting, with a return rate of roughly -288.2%, equal to 2.88 times the trader’s initial capital outlay of $127,000.
On the news side, Zhipu completed a placement of 19.78 million new H shares on July 13. On July 17, Moonshot AI released its open-source Kimi K3 model with 2.8 trillion parameters, which the report said intensified market concerns over competition in China’s large-model sector. Zhipu’s Hong Kong-listed shares fell 28.49% that day. As of publication, no new company-specific negative catalyst had been seen today.
BlockBeats reported on July 20 that, according to Hyperinsight monitoring, ZHIPU on Hyperliquid plunged before the Hong Kong stock market open, touching a low of $120.7 within about an hour, down roughly 17%. Losses continued during the Hong Kong session.
ZHIPU selloff extended into Hong Kong trading
On the news front, Zhipu completed a placement of 19.78 million new H shares on July 13. On July 17, Moonshot AI released Kimi K3, an open-source model with 2.8 trillion parameters. The report said that development heightened market concerns over competition in China’s large-model sector, and Zhipu’s Hong Kong-listed shares fell 28.49% that day. As of publication, no new company-level negative surprise had been seen today.
Largest long on Hyperliquid stays in trade and adds more
The sharp decline dealt another blow to ZHIPU’s largest long holder, a whale address beginning with 0xddb. The trader is currently holding a 10x isolated long of 7,300 contracts, with a position value of about $905,000, an average entry price of $174.2, and a liquidation price near $78.3.
At the time of reporting, the position was showing an unrealized loss of about $367,000, with a return rate of roughly -288.2%. That equals 2.88 times the trader’s initial opening capital of $127,000.
The whale first opened the long around $198.45 on the evening of July 6 and has not sold any of the position since then. At 10:12 on July 20, the address was still averaging down, adding another 409.1 contracts at $129.6.
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