Changxin Hyperliquid Data Review: Pre-IPO Trading Volume Reached $17.8 Million, 96% of Smart Money Profited from Shorting Beforehand

According to a post on X by on-chain data platform Allium, it recorded Hyperliquid trader positions 36 minutes before the CXMT IPO to observe market changes around the public listing.

Data shows that CXMT has been tradable for 12 days; one minute before the IPO, the perpetual contract price was within 3% of the opening price; 15-minute trading volume increased from $1 million the previous day to $14 million; total pre-IPO trading volume reached $17.8 million. Smart money traders had established short positions before the IPO and profited, with most continuing to hold or even increasing their positions. Wallets from the US and Hong Kong were the most long, while wallets from South Korea were the most short. Most long positions came from traders who joined Hyperliquid over the previous weekend.