SPCX Low Float Could Sway Crypto Market, $13.62 Million Single Liquidation Order at Risk of Triggering Potential Downward Pressure

BlockBeats News, July 2nd, according to Hyperinsight monitoring, SpaceX (SPCX) continued its pullback, with a single-day drop of over 10.3% on the Hyperliquid platform, now trading at $156.93. This represents a retracement of approximately 22% from its all-time high of $225.64 on June 16. The trading volume in the past 24 hours reached $338 million, with an open interest of $178 million, making it the third-largest stock target after Micron and SK Hynix.

On the news front, this round of decline was triggered by Meta Compute, causing a sell-off in the AI industry chain. The extremely low public float (only about 4–5%) magnified the selling pressure, combined with concerns about overvaluation and an upcoming 20% unlock, potentially offsetting the positive news of inclusion in the Nasdaq on July 6.

This low float structure amplifies the impact of the cryptocurrency market's capitalization on it. In the past trading day, the total trading volume of SPCX-related crypto market contracts reached $2.4 billion, using Nasdaq's SpaceX turnover of $16.2 billion as a reference, the crypto market volume (including leverage) has accounted for approximately 14.8% of it.

Among on-chain large holders, the average long position is around $164.16, with long positions overall underwater. The first to bear the brunt is the largest long position on the Hyperliquid platform for SPCX.

This whale is currently long 86,748.6 units with 10x leverage, with a position size of $13.62 million, an average price of around $164, a liquidation price of $148, only about 5.7% away from the current price (less than $10), and unrealized losses of $370,000 (-37.5%).