#What significant move has a trader made in the crypto market?
A trader operating under the wallet address 0x9cc has recently taken a remarkable step in the cryptocurrency space, depositing approximately $16.6 million in USDC over a 48-hour window. This bold investment appears to establish the largest recorded long position in SPCX perpetual futures on the Hyperliquid platform.
The total exposure now stands at around $18.5 million in SPCX, with about $10 million remaining in USDC as collateral. Currently, the unrealized profit from this position is estimated to be around $676,000.
#How did the position develop?
Initially, on June 11, 0x9cc executed a 2x long position valued at $3.69 million, which encompassed roughly 23,056 tokens. Within a mere day, the trader expanded the position to include about 100,580 SPCX tokens, maintaining close to double leverage.
SPCX perpetual futures serve as derivative contracts that closely track pre-IPO shares of Space Exploration Technologies Corp., commonly known as SpaceX. They offer investors the chance to speculate on the stock price of SpaceX prior to its public listing.
On various trading platforms such as Hyperliquid and Binance Futures, these contracts have been fluctuating between $162 and $172, representing a significant premium over the anticipated IPO price, expected to be around $135 per share, targeted for June 11-12, 2026. Real-time monitoring services like Arkham and Onchain Lens have identified this accumulation of positions as noteworthy.
#What does the current market look like?
The SPCX perpetual futures market is witnessing substantial interest, with open interest on Hyperliquid exceeding $97 million. Additionally, in 2025, a separate tokenized security vehicle called SPCX based on SpaceX was introduced on the BNB Chain by Paimon. This offering provides fractional ownership through a corporate structure based in the British Virgin Islands, specifically targeting qualified investors.
#What implications does this have for other investors?
The existing premium of SPCX perpetual contracts over the projected IPO price introduces an intriguing situation. If SpaceX shares are traded publicly at or near $135, this could leave holders of perpetual contracts priced at $162-$172 in a precarious position unless the stock experiences substantial gains on its debut.
With a leverage of 2x, the position of 0x9cc magnifies both potential profits and losses. A decrease of 10% in SPCX contract prices could result in a decline of roughly $1.85 million in the position's valuation. However, with $10 million in collateral, the trader possesses sufficient leverage to manage any potential downturns effectively.