SPCX Continues to Plummet After Breaking Its Issue Price, Heavily Positioned Long Addresses Suffer Another $1.23 Million Loss

TechFlow news, July 23, according to Hyperinsight monitoring, as of press time, SPCX on Hyperliquid is trading at approximately $116, down 49.6% from the high of $230, and 14.1% below the IPO issuance price of $135; it hit a low of $114.48 today, with the decline below the issuance price once expanding to 15.2%.

The whale with address starting 0x3527 first built a position on July 16, nearly 7 days ago. Since then, it has been buying the dip to average down, adding positions daily, with no position reduction seen; the position accumulated to 111,700 units; cumulative nominal position value is approximately $14.196 million.

Currently, the whale holds SPCX long positions with 20x leverage, average price $127.1, position value approximately $12.958 million; unrealized loss approximately $1.238 million, return rate as high as -174.5%, loss has exceeded the initial margin of this position.

If calculated based on margin, the theoretical liquidation price is approximately $113.06, only about $2.94 away from the current price; but the address has actually enabled portfolio margin, after 301,900 HYPE tokens (approximately 60,000 added recently) are counted as collateral, jointly supporting SPCX losses. The risk is that when HYPE and SPCX fall together, collateral value and position equity contract simultaneously, and after triggering the threshold, the system may liquidate HYPE collateral.

The positions currently held by this address, such as SPCX and CRCL, are all long positions, among which SPCX accounts for approximately 72% of the total position value, a typical high-leverage one-sided long; the account has not placed any stop-loss or position reduction orders.