Huoxing Finance reports that, as of June 12, according to Hyperinsight monitoring, a large whale on the Hyperliquid platform opened a 3x leveraged short position in SPCX worth $3.52 million over the past two hours, making it the largest opening position on the platform today. The average entry price for this position was $177.7 (corresponding to a market cap of approximately $2.32 trillion), and the position is currently slightly profitable, with a liquidation price at $222 (market cap of $2.9 trillion). It is understood that at 21:30 Beijing time today, SPCX will enter its Nasdaq display period; only after price volatility stabilizes will the first real match occur. At that time, Hyperliquid’s contract price is expected to reference this indicative price for pricing. SpaceX’s IPO offering price (issue price) is $135 per share, while the current on-chain price already reflects a premium of approximately 29.6% over the issue price. By opening a short position at this premium level, the whale may anticipate that after the first real match, market pricing will converge toward the issue price, causing the market cap to fall below $2.32 trillion. Note that on trade.xyz, this contract has not yet been smoothed via the Rebase mechanism (contract multiplier adjustment of approximately 1.1x). The current market is manually pricing it based on an approximate share count of 13.08 billion, resulting in potential measurement discrepancies. Address: 0x17c3c8fdbcb7d1b240ce08965e09b1fc91cba868
Hyperliquid Whale Opens $3.5M SPCX Short Ahead of Nasdaq Listing
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Summary
On June 12, whale activity on Hyperliquid saw a $3.52 million SPCX short position opened with 3x leverage. The whale’s average entry price was $177.70, with a liquidation price at $222. SPCX enters the Nasdaq display period at 21:30 Beijing time. The IPO price is $135, while the on-chain price is 29.6% higher. Price action suggests the whale anticipates a market cap decline below $2.32 trillion as the price converges toward the IPO level.
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