The largest short position against Changxin Storage’s token was fully closed 10 hours before listing after the trader held it for two months, on-chain analyst Ember said. The address opened the short at $6.5 one day before listing and exited at $8.5, taking a cumulative loss of $10.98 million. Funding fees accounted for $5.18 million, while adverse price movement contributed $5.8 million. The trader’s anticipated pre-listing decline did not materialize as CXMT maintained strong price support during the holding period.