SpaceX (SPCX) has shed more than a fifth of its value since hitting a first-week peak, and the biggest players on Hyperliquid are lining up against it. The token, which launched recently on the Solana-based derivatives platform, saw about $102 million in 24-hour trading volume on Monday, June 22, according to BlockBeats.
Over the past 12 hours SPCX slipped another 1.58% and remained under pressure ahead of the U.S. equity open. The 21% decline from its peak in the first week after listing points to intensifying profit-taking after a sharp rally, as investors grow wary of the token’s valuation.
The bearish tilt is most visible among large Hyperliquid positions. The biggest SPCX short holder is running a 3x leveraged short valued at roughly $21.03 million, with an average entry price of $192.02. The current mark price sits around $178.33 – meaning that whale is already in the money.
Across all positions worth more than $1 million, shorts total $60.31 million against longs of just $23.74 million. That leaves short exposure at 2.54 times the long total, with shorts accounting for about 71.7% of all large positions. The message from the on-chain derivatives market is clear: big money expects further downside.
Still, crowded shorts create their own risks. If SPCX stages a reversal, the same leveraged positions that are now profiting could unwind violently, fueling a short squeeze. The token’s descent from its early highs has already forced some leveraged longs out, but the next leg depends on whether bears tighten their grip or get caught off guard.
For now, the market views SpaceX as in a correction phase. The key level to watch is the average entry of the largest short – $192.02. A move back above that threshold would put that whale under water and could trigger a cascade of covering. Below $178, the path of least resistance remains lower.
SpaceX Token Drops 21% as Major Traders Bet on Further Decline
The newly launched SpaceX token lost over a fifth of its value after early gains, with large investors on the Hyperliquid platform betting heavily that its price will keep falling. This affects traders holding the token and highlights growing skepticism about its current value.