Bitcoin Whale Scores Big with CXMT Shorts, Unleashing $204,900 Profit
A Bitcoin whale has made a significant move into the traditional stock market by opening short positions in Changxin Memory Technologies (CXMT). The whale, known as 0x004e, had been focused on trading BTC for over three months before diversifying its portfolio. According to Hyperinsight monitoring, the whale opened CXMT short positions in batches at noon and currently holds 500,000 CXMT shorts with a position value of approximately $3.533 million.
The average opening price of CXMT was $7.47, but as it dipped to $7.0669, this short position has already gained an unrealized profit of about $204,900, with a return of approximately 10.96%. The liquidation price is $13.58, and the address has allocated about $3.599 million in margin to the isolated position.
This move marks a significant shift for the whale, which currently still holds BTC short positions with 40x leverage, totaling $6.6 million. Market performance shows that CXMT is currently quoted at $7.06, maintaining a 24-hour gain of 15.7%.