ChainCatcher report: According to on-chain analyst Yujin, as Changxin Technology (CXMT) surged 5% to reach a market cap of 4 trillion, the largest bearish position taken the day before CXMT’s listing has incurred losses of $10.82 million. This whale has held the short position for a month, having shorted 2.9 million shares of $CXMT at $6.50, which are now trading at $8.60. The price loss amounts to $6.3 million, with an additional $4.52 million paid in funding fees.
CXMT Surges 5% to $40B Market Cap, Short Whale Loses $10.82M
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Summary
Whale activity intensified as Changxin Technology (CXMT) surged 5%, pushing its market cap above $40 billion. A major short whale who bet against the token prior to its listing now faces a $10.82 million loss. The whale shorted 2.9 million $CXMT at $6.50, but the price rose to $8.60, resulting in a $6.3 million loss and $4.52 million in funding fees. Whale activity in the short position underscores the risks of aggressive bearish bets.
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