Hyperliquid Trading Volume Reaches $17.8 Million, 96% of Smart Money Profits from Short Selling

On-chain data platform Allium recorded the positions of Hyperliquid traders, observing market changes before and after the CXMT IPO. The data shows that CXMT has been tradable for 12 days; one minute before the IPO, the perpetual contract price deviated within 3% of the opening price; the trading volume increased from $1 million the previous day to $14 million within 15 minutes; the total trading volume reached $17.8 million before the IPO. Smart money traders had established short positions before the IPO and made profits, with most continuing to hold or even increase their positions. The largest long positions came from wallets in the U.S. and Hong Kong, while the most short positions were from wallets in South Korea. Most long positions were from traders who joined Hyperliquid over the past weekend.