Changxin Storage's largest short address, 0xf292...1244, shorted 2.9 million shares at $6.50 each just before the asset began trading in late July, creating an $18.85 million position. The trade moved into loss immediately after the market opened and remained underwater for two months, during which the address paid $5.24 million in funding fees. The trader has begun using TWAP orders to close 2 million shares valued at $17.04 million, with the position's total loss projected at $10.84 million, according to on-chain analyst Ember as monitored by Odaily.