Hyperliquid Whale Builds $3.52M Leveraged Short in SPCX

Data from Hyperinsight shows Hyperliquid address 0x17c3…ba868 opened a $3.52 million short position in SPCX using 3x leverage. The position's average entry is $177.7, implying an estimated market cap of $2.32 trillion. The liquidation level is $222, corresponding to roughly $2.9 trillion in market cap. SPCX is scheduled to enter its Nasdaq showcase window at 21:30 (UTC+8). SpaceX's offering price is $135, while the current onchain SPCX price trades at a 29.6% premium. According to the note, the trade.xyz contract is valued using 1.308 billion shares outstanding and has not yet been adjusted through the Rebase mechanism.