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That terrifying whale really dares to bet big—40x short on Bitcoin, 10x short on SPCX, worth $73.76 million, with a liquidation price of $62,071.8!
On June 26, according to monitoring by Onchain Lens, a whale opened a combined short position worth $73.76 million: 1002.5 BTC (40x) and 89,695.7 SPCX shares (10x).
BTC liquidation price: $62,071.8;
SPCX liquidation price: $162.79.
What’s worth noting is that, in this combined short, SPCX’s liquidation price is as high as $162.79, while the current price is far below that. This means the position is not a hedge against a drop in SPCX spot; instead, it resembles a structural move that uses high-leverage, high-liquidation-price assets for “cross-collateralization” to amplify the BTC short position. Such strategies are extremely likely to trigger cascading liquidations when volatility increases. $SPCXB
{spot}(SPCXBUSDT)