SPCX fell below its issue price, and the market’s expectations for “Nasdaq inclusion” have now been fully priced in. This whale (0x899c) went all-in long at an average price of $167.7 on June 15, betting on a bullish move ahead of July 7’s inclusion into the Nasdaq-100 Index. After that, the position was left untouched; it passively rode through the ongoing drop that followed the shift from anticipation-driven trading to the realization of the good news. Its position now has only about $4 of buffer left and faces liquidation.

It’s worth noting that this whale is not a beginner. Its trading history shows it once went long on BTC in early March and made $620k in profit, but then fully gave back that profit in the crude oil trade and this SPCX trade. This highlights a typical risk for leveraged traders operating across markets and cross-assets: profits from a once-successful strategy can quickly be reversed by high leverage and rigid positions in subsequent “narrative trades.” With SPCX’s relatively thin circulating float combined with high leverage in crypto derivatives, such precise blow-up cases are being continuously generated.

According to monitoring by Hyperinsight, SPCX on Hyperliquid continues to retreat, currently at $120.66, down 47.5% from the prior $230 peak. SpaceX previously priced its IPO at $135 per share; it has now fallen to around 10.6% below the issue price. Today’s low touched $119.7.

The previously tracked whale starting with 0x899c opened this position long on SPCX on the eve of the Nasdaq inclusion-related positive news. Since then, for one month, the address made no adding or reducing of the position; the holding stayed unchanged as it passed through the good news being price in, and also through the ongoing selloff and the drop below the issue price up to now. Now it has been brought to the liquidation line, with only about $4 of buffer remaining.

It previously bought 16,082.2 shares of SPCX in the early morning of June 15, and thereafter the position size was not changed. As of the time of writing, it holds this long with 3x isolated leverage; the position value is about $1.94 million, with an unrealized loss of about $756k, and a return rate of approximately -84.1%. Its liquidation price is around $116.6. The account currently has only about $111.5k in margin left, and it has all been used to maintain this position.

Trading records show the whale is a left-side trader. It went long on BTC in early March and profited $620k. The subsequent long positions in crude oil and this SPCX position have together fully given back that profit.

Previous news: a whale went all-in long SPCX with $2.72 million, expecting the stock price to rise ahead of Nasdaq-100 inclusion. $SPCX B
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