The Smart Thinking (ZHIPU) experienced a sudden drop of over 17%, with the leading bull who lost nearly 300% of the principal still adding to their position to average down.

BlockBeats News, July 20th, according to Hyperinsight Monitoring, the price of ZHIPU on Hyperliquid experienced a sharp drop before the Hong Kong stock market opened. Within about 1 hour, it plummeted to a low of $120.7, a drop of approximately 17%; the decline continued during the Hong Kong stock trading.

On the news front, on July 13th, ZHIPU completed a new H-share placement of 19.78 million shares; on July 17th, the Dark Side of the Moon released the 2.8 trillion parameter open-source model Kimi K3, intensifying market concerns about the competition among large-scale models in China. On that day, ZHIPU's Hong Kong stock price plummeted by 28.49%. As of the time of writing, no new company-level negative news has been observed today.

The sharp price drop pressured the largest ZHIPU bull (whale starting with 0xddb) further. The whale currently holds a 10x leveraged long position of 7,300 contracts, with a position value of approximately $905,000, an average entry price of $174.2, a liquidation price of around $78.3, and an unrealized loss of about $367,000, representing a -288.2% return rate. This is equivalent to a leverage of 2.88 times on the initial investment of $127,000.

Previously, on the evening of July 6th, the whale first opened a long position near $198.45 and has not sold to date; at 10:12 today, it was still buying an additional 409.1 contracts at $129.6 against the trend.

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