SpaceX Plunges Further After Bankruptcy, Top Long Position Addresses Lose Another $1.23 Million

BlockBeats News, July 23rd, according to Hyperinsight monitoring, as of the time of writing, the SPCX price on Hyperliquid is around $116, a 49.6% drop from the high of $230, and a 14.1% drop from the $135 IPO price; the lowest price today reached $114.48, expanding the drop to 15.2%.

The largest long-position whale with the address starting with 0x3527 opened its position on July 16th and has held it for nearly 7 days. Since then, it has been averaging down its position, daily increasing its holdings without any reduction, accumulating a position size of 111,700 tokens; with a total nominal value of approximately $14.196 million.

Currently, this whale holds a 20x leveraged long position in SPCX, with an average price of $127.1, a position value of around $12.958 million; an unrealized loss of about $1.238 million, with a staggering negative ROI of -174.5%, exceeding the initial margin for this position.

If calculated based on margin, the theoretical liquidation price is approximately $113.06, only about $2.94 away from the current price; however, the address has actually activated a combination margin, with 301,900 HYPE tokens (adding about 60,000 recently) being used as collateral, collectively supporting the SPCX loss. The risk lies in the simultaneous decline of HYPE and SPCX, where the collateral value and position equity will contract in both directions, and the system may liquidate the HYPE collateral once the threshold is reached.

The positions currently held by this address in SPCX, CRCL, and others are all long positions, with SPCX accounting for approximately 72% of the total position value, representing a typical high-leverage one-sided long position; the account has not placed any stop-loss or reduction orders, and since the initial long position was established 7 days ago, there have been no records of any closed positions.