SPCX Low Float May Influence Crypto Market, Single Near-Liquidation of 13.62 Million Might Pose Potential Selling Pressure

BlockBeats News, July 2nd, according to Hyperinsight monitoring, SpaceX (SPCX) continued its pullback, with a single-day drop of over 10.3% on the Hyperliquid platform, now trading at $156.93. This represents a retracement of approximately 22% from its all-time high of $225.64 on June 16. The trading volume in the past 24 hours reached $338 million, with an open interest of $178 million, ranking it as the third-largest individual stock target behind Micron and another stock.

On the news front, this round of decline is part of an AI industry chain sell-off triggered by Meta Compute, with its extremely low public float (only about 4–5%) amplifying selling pressure. This, coupled with high valuation and imminent concerns about a 20% unlock, may offset the upcoming inclusion in the NASDAQ on July 6.

The thin float structure magnifies the impact of the crypto market's capitalization on it. In the past trading day, the total trading volume of SPCX-related contracts in the crypto market reached $2.4 billion, compared to a traditional exchange's concurrent SpaceX trading volume of $16.2 billion, making the crypto market's volume (including leverage) equivalent to about 14.8% of the traditional exchange's.

Among on-chain large holders, the average long position price is around $164.16, with longs overall underwater. The first to be hit are the largest longs on the Hyperliquid platform.

This whale is currently long 86,748.6 positions with 10x leverage, totaling $13.62 million, with an average price of around $164, a liquidation price of $148, only about 5.7% away from the current price (less than $10), and facing an unrealized loss of $370,000 (-37.5%).