Hyperinsight said on July 16 that SPCX extended its pullback and fell as low as $132.34 intraday, pushing a long-held whale position deeper into the red. By press time, SPCX had edged back to $135.5, but the wallet starting with 0x91d had already seen its entry price breached by about 26.1%, making it the largest underwater SPCX address on Hyperliquid.
The address is currently holding 12,085 SPCX long contracts with a notional value of about $1.638 million. Its average entry stands at $183.2, leaving the position with an unrealized loss of roughly $577,000, or 52.1%. At the point the position went underwater, the paper loss had briefly widened to $616,000.
Hyperinsight also said the account’s roughly $509,900 in margin has all been committed to maintaining the trade. The position was opened during SPCX’s strong post-listing rally and then left untouched for a full month, with no increase or reduction in size. During that stretch, the address held through the token’s listing phase, a Nasdaq inclusion-related boost, and the subsequent extended decline.
According to Hyperinsight, SPCX continued to slide on July 16 and fell to an intraday low of $132.34, pushing a whale long position that had been held unchanged for a full month deeper into loss.
By press time, SPCX had rebounded slightly to $135.5. The address beginning with 0x91d had seen its cost basis breached by about 26.1%, making it the largest unrealized-loss SPCX address on Hyperliquid.
The wallet is currently holding 12,085 SPCX long contracts, with notional exposure of about $1.638 million. Its average entry price is $183.2, leaving the position with an unrealized loss of about $577,000, or -52.1%. When SPCX broke below the entry level, the paper loss briefly widened to $616,000.
The account’s margin, about $509,900, has been fully committed to maintaining the position.
Hyperinsight said the trade was opened during SPCX’s post-listing surge. Over the following month, the address did not add to or cut the position at any point. It held through the listing phase, a boost tied to Nasdaq inclusion, and the continued decline that followed. In the wording of the original post, the remaining overhang ahead is the bearish expectation tied to early holder unlocks.
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