SpaceX Token Drops 21% From First-Week Peak as 72% of Hyperliquid Whales Bet Short

SpaceX (SPCX) has fallen more than 20% from its peak, with large investors in the on-chain derivatives market largely positioned for further declines.

Crypto-focused media outlet BlockBeats reported on June 22 that SPCX recorded about $102 million in 24-hour trading volume on Hyperliquid.

SPCX has dropped about 1.58% over the past 12 hours and remained under pressure in trading ahead of the U.S. stock market open.

The token has slid 21% over the past week from its peak in the first week after listing. The decline suggests profit-taking pressure has intensified after the sharp rally, as investors grow more cautious about valuation.

Large positions on Hyperliquid are also skewed to the short side. The largest SPCX short holder currently holds a 3x leveraged short position valued at about $21.03 million. The average entry price is $192.02, while the current mark price is about $178.33.

Shorts also dominate among SPCX positions worth more than $1 million. Short positions total about $60.31 million, compared with about $23.74 million for long positions. That leaves short exposure at roughly 2.54 times the long total, with shorts accounting for about 71.7% of all large positions.

The market view is that SpaceX has entered a correction phase after its surge, prompting an increase in bearish bets in the on-chain derivatives market. Still, if short positioning becomes too crowded, a rebound could trigger a short squeeze.