Six whales are betting on the downside; on the eve of SpaceX’s IPO, the long-short ratio on HyperLiquid is already completely lopsided—let’s see how it plays out on the 12th.

CryptoWorld News reports that today, a total of 7 whales have opened million-dollar-level positions on HyperLiquid, with shorts accounting for as many as 6, or about 85.7%. Large funds overall expect SpaceX will find it difficult to go public with a valuation of $2 trillion. The two new short positions opened today have already entered the top two spots on that asset’s position leaderboard, and the top four positions are entirely occupied by shorts, indicating that bearish sentiment is highly concentrated. The HyperLiquid platform SPCX is currently quoted at $156, down 6.1% over the past 24 hours. Based on a reference share capital of approximately 11.87 billion shares after SpaceX’s full dilution, this corresponds to a market cap of about $1.85 trillion. The contract’s trading volume has already surpassed $100 million today. SpaceX is expected to list on NASDAQ with an estimated valuation of about $2 trillion, with the listing date set for June 12—only 3 days away.