The largest short seller of CXMT has started unwinding a two-month position after sustaining significant losses since the token's late July listing. The trader originally shorted 2.9 million shares worth $18.85 million at $6.50 per share just before the asset began trading, but the position moved against them immediately upon market open. The trader is now executing time-weighted average price orders to close 2 million shares valued at $17.04 million. The anticipated total loss stands at $10.84 million, with funding fees alone accounting for $5.24 million of the deficit accumulated over the two-month holding period.