SPCX Long Position Down 52% as $1.6M Bet Turns Sour
SPCX is trading near its 52-week low of $132.15 (2.8% above the low).
Summary
A large SPCX long position on Hyperliquid is underwater by 52%, with an unrealized loss of $577K on a $1.6M notional position. The address entered at $183.2 during the post-IPO rally and has held for a month without adjusting, now fully margined at $509.9K. With SPCX trading near $135, the position is at risk of liquidation if the decline continues. The only remaining catalyst is the upcoming unlock of early holder tokens, which could add further selling pressure.
At the time of this announcement, SPCX was trading at $135.85 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $1.8T. The 52-week trading range was $132.15 to $225.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Binance News.