TechFlow reports, on June 29, according to Hyperinsight monitoring, ZHIPU has fallen cumulatively by 28% from its high over the past week, currently trading at $251 on Hyperliquid, with a 24-hour decline of 3.8%.
Along with the share price falling from its high, the largest long position holder of ZHIPU on the platform is approaching liquidation, currently only $27 away from the liquidation price of $224. This whale opened a $1.01 million long position on June 26, with an average entry price of $268.58, and is currently facing an unrealized loss of 63.5%.
The recent pressure on the market mainly comes from the unlock of shares held by cornerstone investors on July 8. At that time, the number of freely tradable shares is expected to increase by approximately 3 times compared to the current level, and the market is concerned about rising potential selling pressure.
