📋 Three key signals for CXMT contracts before Changxin Technology’s listing

1️⃣ Premium is still high but has come down: CXMT’s current price is $6.4658, up 407% versus the issuance price, but down 25.2% from the first-day high of $8.64. The implied market cap is 2.94 trillion, far above the issue pricing of 579.2 billion.
2️⃣ Big whales reducing long positions: In recent days, the largest million-level newly opened position address (0x8e09) sold 30k units today, still holding 204.1k units long, but effective leverage is only 1.1x, with an unrealized loss of about $170k. Positioning is cautious; it may be locking in some profits or hedging risks.
3️⃣ Shorts are concentrated: The largest position at address 0xf29 is shorting $8.53 million at 1x leverage, with an average price of $6.6, and an unrealized profit of $170,000. Shorts are in profit while longs are being trimmed, indicating a clear split in the market over where prices may go after listing.
After listing, the circulating shares are about 4.5 billion; at the current price, the circulating market value is about 197.7 billion. CXMT contract open interest is $50.10 million, and trading is active.
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