Whale Activity in Hyperliquid's SPCX Contracts Reveals Significant Short Positions

On May 25, Hyperinsight reported that seven major investors, each holding over $1 million in SPCX on Hyperliquid, have been identified. According to BlockBeats On-chain Detection, the top five of these investors are all holding short positions. The three largest investors each have holdings exceeding $3 million, with entry prices ranging from $204 to $205, correlating to an implied valuation for SpaceX of approximately $2.42 trillion to $2.433 trillion. The largest investor, identified as 0xf51, is currently shorting 19,022 SPCX contracts with a 5x leverage, valued at approximately $3.95 million. The average entry price was $204.1, while the current contract price is $207.9, resulting in an unrealized loss of about $70,000, or 5%. Currently, there is a price discrepancy between two major Pre-IPO contracts for SpaceX on Hyperliquid. The SPCX/USDC contract, deployed by trade.xyz and launched on May 18, reflects an implied valuation of about $2.467 trillion, based on a fully diluted reference equity of 11.87 billion shares. This contract has a daily trading volume exceeding $162 million and an open interest of $46.05 million. In contrast, the SPACEX/USDH contract, deployed by Ventuals and launched on November 13 last year, shows an implied valuation of approximately $2.33 trillion, with each contract unit corresponding to a $1 billion valuation. The open interest for this contract is around $4.61 million.