BlockBeats reported on Aug. 6 that, according to TradingBeats, formerly Hyperinsight, the first batch of SpaceX shares entered its unlock window on Wednesday. The saleable portion accounts for about 12% of total shares outstanding, a size equal to roughly 1.43 times the post-IPO public float.
The largest pre-unlock TWAP came from a profitable short
Before the unlock window opened, the largest SPCX TWAP order on Hyperliquid belonged to a trader already in profit on the short side. The account launched a 12.5-hour reduce-only buy program to cover 12,900 short contracts worth about $1.429 million.
As of publication, 6,711.4 contracts had been executed, putting completion at about 52%. Realized profit stood at roughly $57,000.
Open interest fell while funding turned more negative
Market positioning stayed cautious. SPCX open interest dropped by about $24.23 million from its Aug. 4 peak to $189 million, a decline of 11.4%.
Over the same period, the 24-hour cumulative funding rate became about 18.8 times more negative, reaching -0.0254%. New short positions were still coming in.
Fresh shorts continued to build and placed lower buybacks
An address beginning with 0x6807 increased its net short exposure by about 66,000 contracts over the past 24 hours. It now holds short positions worth about $8.264 million, with an average entry price of $111.04 and a liquidation price of $118.18.
The same address also placed about $5.259 million in reduce-only buy orders below the current market, planning to cover 90% of the position in layers between $27 and $107.
New longs were mostly waiting at lower levels
While shorts kept adding exposure, the main fresh long interest sat lower. The largest lower buy wall involved three addresses, which placed a combined 278 buy orders between $83.8 and $107.05 and planned to deploy about $16.985 million.
The weighted average bid price across those orders was about $95.28, roughly 14% below the current price.
Top holders still leaned short ahead of the unlock
Among the 30 largest SPCX addresses, the value of short positions exceeded long positions by about $26.467 million. Leading shorts were sitting on combined unrealized gains of about $11.617 million, while longs as a group were showing unrealized losses of about $4.313 million.
Before the unlock window opened, profitable shorts were covering gradually through TWAP orders. Longs willing to take directional risk were mostly waiting for a deeper pullback below the current price. Whether the bearish overhang has already been fully priced in still depends on the actual scale of selling after the U.S. stock market opens.
BlockBeats also noted an earlier update that a momentum-chasing SPCX whale exited with a $700,000 loss, alongside a look at existing whale orders worth $24 million. HyperInsight Bot is now live.