Whales battle over Changxin Storage as CXMT rises above $8

On-chain trackers said a whale that opened a CXMT short before the token's IPO kept adding as it climbed on its fifth trading day, while an opposing 1.63 million-token long stayed profitable.

27d ago

Fact Check

The primary on-chain tracker Lookonchain post (Jul 31, 2026) directly confirms every element: CXMT rose above $8 on its 5th trading day, whale 0xf292 held a growing short position, and opposing whale 0x9a80 held a 1.63M-token long that stayed profitable (+$2.46M). Prior Lookonchain posts (Jul 24-27) document 0xf292 repeatedly adding to the short, and the Odaily newsflash citing EmberCN states the largest short opened the day before the Changxin Storage IPO and kept adding. PANews republishes the same figures. Multiple independent republications of the same on-chain data align, leaving little doubt.

Summary

A whale-driven long-short battle in Changxin Storage, or CXMT, intensified as the token rose above $8 on its fifth trading day. Earlier data from Lookonchain showed one trader short 2.8 million CXMT worth $20 million, down $1.9 million after paying $1.04 million in funding, while another whale was long 1.63 million tokens worth $11.66 million and up $853,000 after earning $606,000 in funding. Newer updates cited by Odaily and PANews said the short seller first opened the position one day before CXMT's IPO and kept adding multiple times as storage-related tokens recovered, taking the short to 2.9 million CXMT worth $23.54 million with a $4.67 million unrealized loss and $1.42 million paid in funding. The opposing whale's 1.63 million-token long was valued at $13.27 million, with a $2.46 million unrealized profit and $823,000 in funding income.

Terms & Concepts

funding: Periodic payments exchanged between leveraged traders in perpetual futures markets.
short: A bearish position that profits if a token's price falls.
unrealized loss: A paper loss on an open position that is not locked in unless the trade is closed.