Huoshan Finance reports that, as of July 23, according to Hyperinsight monitoring, SPCX on Hyperliquid is trading at approximately $116, down 49.6% from its peak of $230 and 14.1% below its IPO issuance price of $135; today’s low touched $114.48, temporarily widening the discount to 15.2%. The largest long position, initiated by the whale starting with 0x3527, was first established on July 16—nearly seven days ago. Since then, the whale has consistently averaged down, adding to the position daily without any reductions, accumulating a total of 111,700 contracts; the total notional value of these positions amounts to approximately $14.196 million. Currently, this whale holds a fully margined long position in SPCX at 20x leverage, with an average entry price of $127.1, resulting in a position value of approximately $12.958 million. The unrealized loss stands at about $1.238 million, yielding a return rate of -174.5%, with losses exceeding the initial margin of this position. Based on margin requirements, the theoretical liquidation price is approximately $113.06—just $2.94 below the current price. However, this address has activated portfolio margining; with 301,900 HYPE tokens (approximately 60,000 newly added recently) included as collateral, they collectively support the SPCX losses. The risk lies in the simultaneous decline of HYPE and SPCX, which causes concurrent contraction of collateral value and position equity; should the trigger threshold be reached, the system may liquidate HYPE collateral. All positions held by this address—including SPCX and CRCL—are long-only, with SPCX accounting for approximately 72% of total position value, indicating a highly leveraged directional long bias. No stop-loss or reduction orders have been placed; since initiating the long position seven days ago, there has been no record of any closed positions.
SPCX price drops 15.2% below IPO price, top holder loses $1.23M
MarsBitShare
Summary
On July 23, 2026, the SPCX price fell to $114.48 on Hyperliquid, a 15.2% decline from its $135 IPO price. A major holder who began accumulating SPCX on July 16 now faces a $1.238 million unrealized loss on a 20x leveraged position. The account uses 301,900 HYPE as collateral and could be liquidated if both assets continue to decline. Price analysis indicates the drop has triggered concern among leveraged traders.
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