BlockBeats reported that on September 8, TradingBeats data showed ZHIPU changing hands at $118.12, down about 12.8% over the past 24 hours. And the whale wallet beginning with 0xddb8 is still sitting on 18,320.38 long positions in ZHIPU, a stake worth roughly $2.164 million. Its average entry sits at $161.34, leaving an unrealized loss near $791,900 and return on equity (ROE) at about -267.9%.
But the price drop is only part of it. Since the trade was opened, the position has racked up around $75,700 in funding fees, pushing total losses to about $867,600. On the analyst side, Jefferies cut its target price for ZHIPU to HK$1,183.79 from HK$1,299.8, a drop of roughly 8.9%, while keeping a 'hold' rating in place. Using an exchange rate of about 7.84 Hong Kong dollars to one US dollar, that revised target works out to roughly $151. Still below the whale's $161.34 entry price.
Jefferies said its worries center on whether revenue growth can hold up, customer concentration, and margin pressure in the second half of the year. The firm also lowered its valuation multiple for the cloud business, cutting it from 50 times estimated ARR for 2026 to 30 times. Right now, total open interest (OI) in ZHIPU stands near 87,800 contracts, or about $10.369 million at current prices. So this one whale long makes up around 20.9% of total OI.
TradingBeats, the on-chain perpetual and address analysis tool, is now live and supports real-time viewing of Hyperliquid data, tracing addresses back to whale activity, and giving users in-depth analysis at a glance.