SPCX extended its decline on Hyperliquid and was last trading at $120.66, according to Hyperinsight data cited by BlockBeats on July 21. That leaves it down 47.5% from its previous $230 high.
SpaceX had earlier priced its IPO at $135 per share. On that basis, SPCX is now trading about 10.6% below the offering price. The day’s low reached $119.7.
A whale tracked earlier is now close to liquidation
The whale address beginning with 0x899c had opened a long position shortly before the catalyst tied to SPCX joining the Nasdaq index. For more than a month after that, the address did not add to or trim the position. The holding stayed unchanged through the point when the bullish news was priced in, and then through the continued slide that followed and pushed SPCX below its IPO price.
As of publication, the position had been pushed close to its liquidation line, with only about $4 of buffer left. The address bought 16,082.2 SPCX on the morning of June 15, and the size of the position has not changed since.
The whale is still holding the trade as a 3x isolated-margin long. The position is worth about $1.94 million, with an unrealized loss of roughly $756,000 and a return rate of about -84.1%. The liquidation price is around $116.6. The account now has only about $111,500 in margin remaining, and all of it is being used to keep the position alive.
Earlier BTC gains have been fully given back
Trading records show the whale has been trading from the left side. It made $620,000 on a BTC long in early March. Losses from a later crude oil long and the current SPCX position have together wiped out that profit.
BlockBeats had previously reported that a whale went all in with a $2.72 million SPCX long, expecting the price to strengthen before a potential inclusion in the Nasdaq 100.