ZHIPU rebounds 31.1% from session low as fresh Hyperliquid shorts fall underwater

News Editor

2026-07-21 05:52:25

ZHIPU staged a sharp rebound on Hyperliquid on July 21, climbing to as high as $149.52 from the day’s low for a 31.1% move before easing to $146.71 at publication, according to monitoring data from Hyperinsight. The move came after a period of sustained weakness in the stock, which had fallen by half from its post-placement level following Zhihu’s July 13 placement of 19.78 million new H shares and renewed concern over competition in China’s large-model sector after Moonshot AI released the open-source 2.8-trillion-parameter Kimi K3 model on July 17. During the rebound, a wallet starting with 0x52e6 opened short positions against the move, beginning when the price had recovered about 12% from the low and adding from $127.5 to $143.2. The trader now holds an isolated 5x ZHIPU short worth about $198,700, with a liquidation price near $163.83, an unrealized loss of roughly $14,100, and a return of about -38.1%. Hyperinsight data also showed that all seven new ZHIPU positions larger than $50,000 opened over the past two to three hours were shorts. Together they amounted to about $953,200 in open interest and were collectively sitting on roughly $70,800 in unrealized losses.

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ZHIPU posted a sharp rebound on Hyperliquid on July 21, rising to $149.52 at one point for a 31.1% gain from the session low, according to Hyperinsight monitoring. The token was trading at $146.71 as of publication.

On the news side, ZHIPU had completed a placement of 19.78 million new H shares on July 13. Then on July 17, Moonshot AI released Kimi K3, an open-source model with 2.8 trillion parameters. Concern over competition in China’s large-model market intensified after that release, and ZHIPU kept sliding. Its share price had halved from the post-placement level before recovering a small part of those losses in today’s move.

A contrarian short opened into the rebound is nearing a 40% hit to initial margin

During this rebound, an address beginning with 0x52e6 opened a short position in the morning against the move. All of the shorts were opened in the middle stretch of the rebound. The trader started building the position after the price had recovered about 12% from the low, then kept adding from $127.5 up to $143.2.

The position then sat through another push higher before noon and now has only about $17 of room left before liquidation. The address currently holds an isolated 5x ZHIPU short with a position value of about $198,700. Its liquidation price is around $163.83. Unrealized losses stand at roughly $14,100, with a return of about -38.1%, close to wiping out 40% of the initial margin.

All large new shorts opened in the past few hours are underwater

Hyperinsight data shows that aside from the biggest loser above, there were seven newly opened ZHIPU positions larger than $50,000 built during the rebound over the last two to three hours. All of them were shorts. Their combined position value was about $953,200, and all were underwater, with total unrealized losses of roughly $70,800.

By contrast, among longs larger than $100,000, the average cost basis was about $149.66, only around 2% above the current price. At this point, the only long still facing clear pressure is the largest one, with a cost near $159.41. The other four have already seen spot move back above their entry levels.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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