The domestic DRAM storage chip leader Changxin Technology (CXMT) officially landed on the STAR Market, leveraging an initial issuance price of 8.66 yuan per share to achieve a total initial market value of 579.188 billion yuan, setting a record for the largest fundraising in STAR Market history. This highly anticipated IPO became a focal point in the A-share market and sparked a discussion in the crypto market concerning "asset tokenization" and "global pricing power."
With the trading of tokenized contracts related to CXMT launching, the traditional stock market and the on-chain derivatives market first engaged in a price battle over the same asset.
On one side are institutional expectations for valuation of domestic semiconductor leaders, while on the other side are on-chain traders making high-leverage bets on price fluctuations.
(CXMT/USDC perpetual contract price trend - source AiCoin data)
Liquidation wave: Three short positions evaporate 1.92 million USD in a single day
With pre-market expectations and bullish funds pushing prices up crazily, the prices of on-chain derivatives soared sharply, instantly crushing high-leverage short funds:
- 18 million USD whale trapped: A whale (0xf2925cb0779a741fe33037cbd88fca5382e41244) built a short position of 18 million USD at an average price of 6.4 USD (about 43 yuan) and set a take-profit range of 2–4.5 USD (13–30 yuan). However, the pre-market contract price surged to 7 USD (about 47 yuan), causing its unrealized loss to instantly expand to 1.4 million USD.
- Address 0x517b fully liquidated: Trader 0x517b's 272,500 CXMT short positions were forcibly liquidated by the matching system, resulting in a direct loss of 249,000 USD.
- Hyperliquid single liquidation: On the Hyperliquid platform, CXMT saw a rapid surge of 12.7%, triggering a liquidation of a 2.39 million USD short position, with a single liquidation loss reaching 274,700 USD.
(From AiCoin News)
Within one day, only these three typical short liquidations amounted to approximately 1.92 million USD, with the cries of leveraged shorts penetrating the entire crypto circle. By connecting to Hyperliquid Data API, one can real-time grab the on-chain holdings, transaction, order, whale, and liquidation data of the tokenized contracts, supporting REST and WebSocket:
https://www.aicoin.com/zh-Hans/hyperliquid-api
Fundamental frenzy: Seller institutions and Prediction Market unanimously forecast bullish
The crazy rise of on-chain derivatives is backed by extremely strong fundamentals and a unanimous bullish expectation from institutions:
On the day of Changxin's subscription, the analysis of on-chain data we conducted still holds some significance today:
https://www.aicoin.com/article/544581.html
From arbitrage to game theory: The traditional market and on-chain market are converging
Previously, some market participants would look for arbitrage opportunities by exploiting price differences between different markets.
For instance: The A-share market reflects business fundamentals and institutional fund expectations; the on-chain contract market forms instantaneous prices through global traders' fund flows, sentiments, and leverage levels. As the two markets gradually intertwine, the price difference may quickly converge.
Regarding the phenomenon of price convergence between on-exchange and off-exchange, well-known crypto investor Jiang Zhuoer lamented on social media:
“Changxin Technology bidding at 50 yuan is close to the corresponding hype price $6.76 × 6.73 (exchange rate) = 45.49 yuan, arbitrage space has completely disappeared.”
This indicates that the price discovery function of on-chain tokenized perpetual contracts is extremely sensitive, with traditional financial capital and Web3 on-chain capital achieving an unprecedented pricing resonance during this national IPO.
From CXMT's sudden emergence, we see a clear trend: Traditional quality assets are being deeply integrated into the crypto market through tokenized contracts. This not only provides crypto users with a new channel to participate in top-tier IPOs in the A-share market but also enables Changxin Technology itself to gain global pricing power that far exceeds A-share liquidity. It is foreseeable that as more core A-share assets land on-chain, the mixed asset configuration of "A-shares + BTC" will become the mainstream narrative of the next bull market, and today’s bloodbath is just the prologue of this new narrative.
Risk warning: The opinions mentioned in this article are for technical analysis learning and reference only and do not constitute any investment advice. Cryptocurrency assets have high risks; trading based on this is at your own risk.
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