SpaceX-Linked Token Drops Over 10% on Hyperliquid as Thin Float Amplifies Sell-Off

A SpaceX (SPCX) token continued its pullback on July 2, falling more than 10.3% in a single day on a CEX (centralized exchange) derivatives venue, trading at $156.93 and about 22% below its record high of $225.64 set on June 16. According to BlockBeats On-chain Detection, the token recorded $338 million in trading volume over the past 24 hours and $178 million in open interest, ranking behind only Micron and SK Hynix among single-stock targets on the platform. The decline was described as part of a broader AI supply-chain sell-off triggered by Meta Compute. Market watchers cited the token’s extremely thin public float—about 4% to 5%—as a factor that may have amplified selling pressure, alongside concerns about high valuation and an upcoming 20% token unlock. These factors could offset optimism tied to a planned Nasdaq inclusion on July 6. The thin-float structure was also said to increase the influence of crypto-market capital on price action. Over the past trading day, total crypto-market trading volume in SPCX-related contracts reached $2.4 billion. Using Nasdaq’s $16.2 billion in SpaceX trading volume over the same period as a reference, the crypto-market volume, including leveraged activity, was estimated at about 14.8% of that figure. Among large on-chain position holders, the average long entry price was about $164.16, leaving long traders overall in unrealized losses. The largest long position on Hyperliquid was highlighted as the most exposed. That whale was reported to be long 86,748.6 contracts at 10x leverage, with a position size of $13.62 million, an average entry near $164, and a liquidation price of $148—about 5.7% below the current price. The position showed an unrealized loss of $370,000.