Zhipu’s largest long position suffered a massive drawdown, resulting in a 268% loss of principal.

According to TradingBeats' monitoring, ZHIPU is currently trading at $118.12, down roughly 12.8% over the past 24 hours. The whale address starting with 0xddb8 still holds 18,320.38 ZHIPU long positions, with a position value of about $2.164 million, an average entry price of $161.34, an unrealized loss of approximately $791,900, and a position return on equity (ROE) of -267.9% per platform data. Beyond the unrealized price loss, the position has cumulatively paid around $75,700 in funding fees since opening, bringing the total drag to roughly $867,600. On the news front, Jefferies yesterday cut Zhipu’s price target from HK$1,299.8 to HK$1,183.79 (an ~8.9% reduction) while maintaining a "Hold" rating. Converted at an exchange rate of ~HK$7.84 to US$1, the new target equals roughly $151, still below the whale’s $161.34 entry cost. Jefferies’ key concerns include the sustainability of revenue growth, customer concentration, and gross margin pressure in H2, and it lowered the valuation multiple for Zhipu’s cloud business from 50x its projected 2026 annual recurring revenue (ARR) to 30x. ZHIPU’s current market open interest (OI) stands at ~87,800 contracts, worth around $10.369 million at current prices, with the whale’s single long position accounting for ~20.9% of total OI. On-chain Perpetual (Perp) and address analysis tool TradingBeats is now live, supporting real-time Hyperliquid data viewing, enabling traceability from addresses to whale operations for comprehensive in-depth analysis.