The domestic DRAM leader Changxin Technology (code 688825) officially started the A-share public subscription on the Science and Technology Innovation Board today, pulling the market's attention back to the "Chinese version of Micron" for the entire month of July.
However, it was the enormous funds in the decentralized derivatives market that sensed the bloody smell earlier than the primary market.
Since the launch of the CXMT perpetual contract on the Hyperliquid platform on July 15, smart money on-chain has been racing to get in ahead. As of the article's publication, there are four on-chain CXMT whale positions with a position value (PV) ≥ $1 million, with a total nominal value reaching $8.182 million. Currently, the short forces have exceeded the long positions by an absolute scale of 1.41 times. What is most alarming is that the largest position is not a high-leverage gamble, but a 1× real-money short.
1. On-Chain Whale Position Panorama (xyz: CXMT)
(Data source: AiCoin Hyperliquid API)
(Smart money tracking will mark the transaction details, open orders, position profit and loss lines, and forced liquidation lines of the smart money addresses you choose on Hyperliquid on the current candlestick)
2. "Strategy Portrait" of Four Addresses
🥇0xf2925cb0779a741fe33037cbd88fca5382e41244 — The only 1× short, “$3,808,301” real money
• Holds 78% of the major short positions, total OI 45%, perp account value $10.08M
• Floating profit +$37,099, ROE +0.96% (1× leverage naturally has low ROE)
• Liquidation price 16.93 USDT (132% safety margin from the current price of 7.30), far from liquidation
• Interpretation: This is not a bearish view on the CXMT stock, but rather a lack of optimism about the A-share + Korean storage chain synchronous valuation recovery. This is a typical institutional hedge, indicating that this large fund is well-prepared, not a short-term trader chasing the decline.
🥈0x9a80d88c21be60e870d07d852390e92d09223cf2 — 5× long-term bullish investor, the most steadfast long position
• First trade 7-15 09:00 segment 20,000 contracts @ 6.00 (the first on-chain order before the market opens, almost certainly a market order when the market opens)
• Last trade 7-16 12:30 segment 8,500 contracts @ 7.22 (still increasing positions on the day of A-share subscription)
• Floating profit +$3.66, ROE 9.82%
• 7d inflow $54.51 million — the largest absolute size among top positions
• Liquidation price 0.596 USDT (5× leverage but low entry price, the liquidation price is so far that it is almost impossible to be liquidated)
• Interpretation: A true believer who entered 24 hours before the A-share subscription, rhythmically "large order at market opening → several small increases mid-way → chasing on the day of subscription", a typical left-side position building + right-side confirmation.
🥉0xf5079c84c34051d7c4cd87494fda534fe7ecdf6d — 5× long but trapped, $-78.58k floating loss
• Accumulated trading 229.53K contracts, opening price 7.5853 (6.7% higher than 9a80d8)
• Floating loss $-78.58k, ROE -22.57%
• Liquidation price 5.73 USDT, about 22% safety margin from the current price
• ⚠️ A single transaction of 600 contracts @ 170.56 USDT (approx. $102,600) appeared at the same address on 7-16 10:50
• Interpretation: Funds chasing highs, emotions have been hit, the liquidation price is far away but the pullback space is large.
🔴0x2717c5cfb61852cafb6073d38ca2e0ef03fafb29 — 3× short, proof of "double standard directional hedging"
• Holds 142,473 contracts of CXMT short positions, holding value of $1.04 million, floating profit +$30.47K
• Liquidation price 11.03 USDT (51% safety margin from the current price of 7.30)
• ⚠️The same address has simultaneously shorted 6 SKHX (SK Hynix ADS) transactions at 18:43 on 7-15, holding value of $1.64 million, floating profit +$100.82K
• Interpretation: A typical "global DRAM double standard directional hedge" — the same address shorted CXMT (A-share DRAM) + SKHX (Korean stock DRAM) simultaneously within 3 hours, indicating a bet on "global storage chain synchronous valuation pullback," not just a single bet on CXMT stock.
3. A-shares have not yet opened, but on-chain funds have already given the answer in advance
Changxin Technology started its subscription today, but what is truly worth paying attention to is not just the enthusiasm for the subscription, but rather the advance game of on-chain funds regarding its future pricing.
From the current on-chain position structure of Hyperliquid, $8.18 million whale funds have already entered the market, with significant divergence between longs and shorts. This includes determined bulls who positioned 24 hours earlier on the left side, as well as institutional-level funds that opted for 1× low leverage heavy shorts, and a global DRAM hedge strategy that simultaneously shorts CXMT + SK Hynix. This signifies that market transactions are no longer about "new share subscriptions," but rather expectations for the valuation cycle of the entire storage industry.
For ordinary investors, price increases or decreases are merely the results, while the direction of funds is the cause. Against the backdrop of ongoing development of RWA and stock tokens, more and more funding signals will first appear on-chain, rather than in traditional markets.
With the help of the AiCoin Hyperliquid API, developers and institutions can obtain complete on-chain transaction details, order books, positions, liquidations, whale positions, etc. in real-time, tracking the actions of smart money on opening and closing orders, building their own trading strategies or quantitative models. While the market is still discussing hotspots, the data has already provided the answer.
Conveyor belt:
https://www.aicoin.com/zh-Hans/hyperliquid-api
Risk warning: The views mentioned in this article are for technical analysis learning and reference only and do not constitute any investment advice. Cryptocurrency assets have high risks, and trading based on these carries risks at one's own expense.
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