SPCX’s thin circulating supply could allow the crypto market to sway its price action/trajectory. With one position of over 13.62 million nearly facing liquidation, the potential selling pressure could materialize.

Mars Finance News, July 2 — According to Hyperinsight monitoring, SpaceX (SPCX) continues its pullback, dropping over 10.3% in a single day on the Hyperliquid platform, now trading at $156.93, a retreat of approximately 22% from its all-time high of $225.64 on June 16. The 24-hour trading volume reached $338 million, with open interest at $178 million, making it the third-largest individual stock target after Micron and SK Hynix.

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

This thin float structure amplifies the influence of crypto market capital flows. Over the past trading day, the total trading volume of SPCX-related contracts in the crypto market reached $2.4 billion. Using the same period's Nasdaq SpaceX trading volume of $16.2 billion as a reference, the crypto market volume (including leverage) is equivalent to approximately 14.8% of that.

Among on-chain large holders, the average long entry price is around $164.16, meaning longs are overall underwater. The first to be affected is the largest SPCX long on the Hyperliquid platform.

This whale is currently long 86,748.6 units with 10x leverage, with a position size of $13.62 million, an average entry price of about $164, and 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%).