SPCX's thin circulating supply may allow the crypto market to influence its price movement, and a long position of over 13.62 million nearing liquidation could become potential selling pressure.

BlockBeats news, July 2, according to Hyperinsight monitoring, SpaceX (SPCX) continues to retreat, with a single-day drop of over 10.3% on the Hyperliquid platform, now trading at $156.93, retreating about 22% from its historical high of $225.64 on June 16. The trading volume in the past 24 hours reached $338 million, with open interest at $178 million, making it a single stock target second only to Micron and SK Hynix.

On the news front, this round of decline is part of the sell-off in the AI industry chain triggered by Meta Compute. Its extremely thin public float (only about 4-5%) amplifies selling pressure, combined with high valuation and concerns over the upcoming 20% unlocking, which may offset the positive effect of its inclusion in the Nasdaq index on July 6.

This thin float structure amplifies the impact of capital flows from the crypto market. Over the past trading day, the total trading volume of SPCX-related contracts in the crypto market reached $2.4 billion. Compared with SpaceX's trading volume of $16.2 billion on Nasdaq over the same period, the crypto market volume (including leverage) is equivalent to about 14.8% of that.

Among on-chain large holders, the average long position price is about $164.16, and long traders as a whole are now under water. The first to bear the brunt is the largest long holder of SPCX on the Hyperliquid platform.

This whale is currently long 86,748.6 units with 10x leverage, with a position size of $13.62 million, at an average price of about $164, a liquidation price of $148, which is only about 5.7% (less than $10) away from the current price, with an unrealized loss of $370k (-37.5%).