After maintaining long positions for nearly a month, SPCX has suffered significant losses, with maximum unrealized losses exceeding $610,000 at one point.

According to Odaily, Hyperinsight monitoring shows that the continued pullback of SPCX has pushed a long-only address, which had held steadfastly for an entire month, deep into loss. Data indicates that the address starting with 0x91d has had its position cost breached by about 26.1%, making it the largest unrealized loss address for SPCX on Hyperliquid. It currently holds only 12,085 SPCX long contracts, with a nominal size of approximately $1.638 million, an average entry price of $183.2, and an unrealized loss of about $577,000 (−52.1%). At its worst, this unrealized loss expanded to $616,000. The account's margin, about $509,900, has been fully used to maintain this position.

This position was opened during the sharp rally after SPCX’s listing. For a full month afterwards, there were no adjustments to the position—it was held straight through the listing, the Nasdaq inclusion as a positive catalyst, and the subsequent persistent decline. Now, only the expected negative pressure from early holders’ unlocks remains ahead.