Sell pressure emerges above spot as SPCX prepares for Nasdaq 100 entry
According to BlockBeats on July 7, Hyperinsight data shows that SPCX is scheduled to be officially included in the Nasdaq 100 before the U.S. stock market opens today. Even so, visible positioning on Hyperliquid does not indicate a one-way rush into longs. At the time of publication, SPCX was trading at $156.2, with about $290 million in 24-hour trading volume. Large-address order-book data shows roughly $4.96 million in short-covering buy orders placed between $135 and $155, while another $4.45 million in sell orders is stacked between $156.3 and $175.0.
That structure suggests traders are not simply front-running the index inclusion with aggressive upside bets. Instead, the book shows bids waiting below the market and meaningful supply sitting overhead. In other words, the event catalyst has not removed caution from larger participants, even as the listing headline attracts bullish attention.
Order-book breakdown shows short covering bids dominate by count and size
Hyperinsight’s breakdown divides current SPCX orders into three main categories. Short-covering or take-profit buy orders account for 116 orders in the $135.0 to $155.1 range, totaling about $4.95 million. Overhead opening sell orders account for 26 orders in the $156.3 to $175.0 range, totaling around $4.44 million. Meanwhile, lower opening buy orders account for 17 orders between $147.5 and $155.9, with a combined size of roughly $1.80 million.
Among the three groups, short-covering buy orders rank first in both order count and total notional size. Combined with the visible sell wall above the market, the setup points to a market where larger capital may prefer distributing into strength and buying back lower, rather than extending directional longs at current levels.
Positioning is layered by size, with smaller traders more bullish than whales
Visible positions also show a clear size-based split. For all visible positions above $100,000, there are 183 positions worth a combined $141.0 million, with a short-to-long ratio of about 1.15. Inside that group, positions above $1 million total 17, with a combined notional value of about $55.76 million, and the short-to-long ratio rises to 2.06.
By contrast, the $100,000 to $1 million bracket is the only net-bullish cohort, with a long-to-short ratio of about 1.25. This implies that smaller traders are leaning bullish into the index-inclusion event, while larger traders are increasingly cautious or outright bearish as position size grows. Hyperinsight also notes that a small number of large whale addresses may be hedging or running arbitrage strategies, meaning the true directional bias could be somewhat less bearish than headline ratios imply.
Whale cost basis sits above spot, leaving shorts in profit and longs underwater
Cost-basis data adds another layer to the current setup. The weighted average entry for large long positions is about $164.59, while the weighted average entry for large shorts is about $169.68. Both levels are above the current SPCX price of $156.2. That means large shorts are, on aggregate, sitting on unrealized gains, while large longs remain underwater at current prices.
If SPCX continues to rebound, the profit cushion on shorts would narrow first. If price stays below those cost bases, however, the pressure remains heavier on long holders. This cost structure helps explain why visible whale positioning does not appear to be chasing the inclusion catalyst despite strong headline attention.
Nearest liquidation clusters remain far from market price
On the liquidation side, the nearest short liquidations are concentrated around $195.7 to $198.0, totaling about $10.44 million. Long liquidations, on the other hand, are mainly clustered near $97 and $110, both significantly below the current spot price. These liquidation levels suggest that neither side is facing immediate forced unwinds near current trading levels.
Overall, the Hyperliquid picture ahead of SPCX’s Nasdaq 100 inclusion is not one of uniform optimism. Instead, it shows a divided market: retail and mid-sized traders leaning bullish, while larger players keep supply above spot and maintain a more defensive, if not outright bearish, stance.