「Whale Watching」: SpaceX has plunged by 10.6%, with the whale that once lay in wait for a positive catalyst now just $4 away from liquidation.

BlockBeats News, July 21st, according to Hyperinsight monitoring, Hyperliquid's SPCX continued to fall, currently trading at $120.66, a 47.5% drop from its previous high of $230. SpaceX previously completed its IPO pricing at $135 per share, and is now trading more than 10.6% below the IPO price; today's low touched $119.7.

Previously tracked whale with address starting with 0x899c, took a long position in SPCX just before its inclusion into the Nasdaq. For over a month, this address did not make any adjustments to its position, holding steady through the positive news, the subsequent continuous decline, and breach of the IPO price. It is now at the brink of liquidation, with only about a $4 buffer remaining.

It had bought 16,082.2 SPCX in the early hours of June 15th, and has not changed its position size since. As of writing, it holds this long position with 3x leverage, with a position value of about $1.94 million, an unrealized loss of about $756,000, a return rate of approximately -84.1%; liquidation price is around $116.6. The account currently has only about $111,500 in margin left, all of which has been used to maintain this position.

Trading records show that this whale is a net seller, having previously profited $620,000 from a long position in BTC in early March; however, the subsequent long position in crude oil and the current SPCX position have completely wiped out these profits.

Previous News: Whale Longs $2.72 million in SPCX with Full Leverage, Expecting Price Rally Before Joining Nasdaq 100