Arkham said trader address 0x9cc moved $16.6 million in USDC into Hyperliquid over the past 48 hours to build a large long position in SPCX, the SpaceX-linked token. At the time of the platform’s tracking, the wallet was holding an SPCX long valued at about $18.5 million, making it the biggest known on-chain SPCX holder.
Position built in stages over two days
Arkham’s data shows the trade was not opened all at once. On June 11, 0x9cc first opened a 2x leveraged long of 23,056 SPCX with an initial value of roughly $3.69 million. Early on June 12, the trader added a much larger leg, going long SPCX at $165.7 for a position worth $17 million. At that point, unrealized profit stood at about $740,000.
By midday on June 12, the wallet had expanded the position to 100,580 SPCX, lifting total exposure to around $18.5 million. Arkham put the unrealized gain at roughly $676,000. The address also kept $10 million in USDC on Hyperliquid as liquidity buffer, showing that the trader had not committed all available capital into the long.
SPCX trading opens with clear split between bulls and bears
According to the source material, SpaceX debuted on Nasdaq on June 12 with an IPO price of $135, implying a valuation of about $1.75 trillion. Pre-market activity pushed SPCX to $173, or about 28% above the offering price. That move quickly fed into on-chain derivatives activity.
Arkham also flagged a trade from another market participant, Vida. The trader opened a $200,000 2x leveraged short on SPCX, set a stop loss at $243.69, and expected to hold the position for 3 to 12 months. The contrast was sharp: a whale-sized long on one side and a public short thesis on the other, both appearing on the first day of trading.
Hyperliquid and Binance draw more flow into SPCX trading
Hyperliquid emerged as the main venue for on-chain SPCX derivatives activity. The source also noted that retail traders and smaller accounts were entering alongside larger players. Binance added SPCX stock limit trading at 17:05 Beijing time on June 12, widening the available liquidity around the product.
Dune data cited in the report showed total SpaceX IPO subscription volume in Binance wallets at $557 million, with about 27,700 addresses taking part. Accounts that put in more than $20,000 made up 81% of participants, while capital concentration stood at 18%. The figures suggest demand for SPCX extended from large holders to smaller market participants.