The ChangXin Memory Technologies-linked contract jumped as high as $8.48 before sliding to $7.22, with volume, open interest, bids and liquidation clusters highlighting intense leveraged positioning on July 15.
The CXMT-linked contract saw sharp intraday swings on July 15 after trade.xyz lifted its price protection mechanism. The contract surged as high as $8.48, implying about RMB 3.8 trillion based on roughly 6.688 billion post-offering shares disclosed in the prospectus, then later fell to $7.22 from a recent $8.27 high, according to the newer market update. Trading activity rose throughout the session, with volume increasing from $5.13 million earlier to $11.16 million and later reaching about $25.7 million over 24 hours, while open interest climbed from $6.01 million to $9.15 million and later stood near $19.53 million. One address, 0x0422, placed buy orders at $7.03, $6.5 and $6.2 totaling about $2.301 million in notional value, and on-chain data showed liquidation clusters at $6.79-$6.83 on the long side and $7.82-$7.86 and $8.12-$8.16 on the short side.