Are South Korean users the main short sellers of Changxin Technology? Meanwhile, addresses from China and the U.S. are generally bullish.

According to Allium data, on the eve of Changxin Technology (CXMT)’s listing, Hyperliquid-attributable CXMT wallet data shows: wallets from the U.S., Hong Kong, and mainland China are overall net long, while South Korea-labeled wallets are the main short sellers in this sample. Among them, South Korean wallets hold around $760,000 in short positions, with the short position size roughly 38 times that of their long positions. Taiwan-labeled wallets are also net short, with a net short of approximately $329,000. On the long side: U.S.-labeled wallets hold $1.6 million in long positions and $345,000 in short positions, with a net long of around $1.255 million; Hong Kong-labeled wallets hold $1.3 million in long positions and $431,000 in short positions, with a net long of about $869,000; mainland China-labeled wallets hold only $83,000 in long positions and $16,000 in short positions, with a net long of roughly $67,000. Assuming all of South Korea-labeled wallets’ $760,000 short positions were opened at a uniform price of $6.48 before the listing, with no subsequent position adjustments and calculated at 1x leverage, the theoretical floating loss of the short positions is around $48,500, with a loss rate of approximately 6.4%. Note: According to Allium’s documentation, around 25% of Hyperliquid addresses in its overall address database can be attributed to specific countries; the actual coverage and confidence distribution of this CXMT sample have not been disclosed. Geographic labels are inferred from signals such as on-chain associations, fund sources, and active time zones, and do not equate to the holder’s actual nationality or real-time location. Open Interest (OI) also does not represent the number of traders.