Over the past year, my impression of the crypto industry has been one of continuous blood loss, with liquidity being heavily drained by the semiconductor supply chain. Of course, Web3 isn’t the only sector experiencing this—every industry is facing the same issue. A clear example is CXMT: CXMT Storage, set to list on the STAR Market, had an implied IPO valuation of less than $20 billion in 2025 according to its prospectus. But the implied IPO valuation has now surged to $85 billion, with a share price of RMB 8.66—a significant increase, right? But that’s not even the most striking part. The off-exchange contract price for CXMT on Hyperliquid currently stands at $6.70, having peaked at $8.25, implying a valuation of $551.8 billion. What does that mean? If we were to place CXMT in the crypto industry, its market cap would rank second only to BTC—equivalent to 2.35 times the total market cap of ETH.