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Arkham says trader opens $5.7 million 2x short on SPCX pre-IPO

Arkham says trader opens $5.7 million 2x short on SPCX pre-IPO

Arkham and Hyperinsight highlighted large bearish SPCX trades, including a $5.7 million 2x short by address “wenyu8888888” and a separate $3.52 million 3x short on Hyperliquid ahead of a Nasdaq display period.

HYPE

Fact Check
The Arkham X post (the originating, authoritative source named in the claim) states verbatim that 'wenyu8888888' bet his entire account on a $5.7 million 2x short of SPCX pre-IPO and is the largest SpaceX shorter, dated June 11, 2026. This is corroborated by independent crypto-media reports (Odaily, TheBlockBeats) that cite the same Arkham post and match all key details: $5.7M amount, 2x leverage, entire account balance, SPCX pre-IPO market, and the 'largest short' designation. The claim is fully supported.
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Summary

Arkham reported on June 11 that the address “wenyu8888888” used its full $5.7 million account balance to open a 2x short position on SPCX, a pre-IPO market tied to SpaceX, making it the largest short seller Arkham tracked in that market. Separately, Hyperinsight said a whale opened a $3.52 million 3x leveraged SPCX short on Hyperliquid at $177.7 with a liquidation price of $222, calling it the platform’s largest position opened that day. The trade was placed ahead of SPCX entering the Nasdaq display period at 21:30 Beijing time, while the newer report also said SpaceX’s IPO price was $135 and on-chain pricing implied a roughly 29.6% premium.

Terms & Concepts
  • SPCX: A pre-IPO market tied to SpaceX shares.
  • 2x short: A leveraged bearish position targeting twice the inverse exposure.
  • liquidation price: Price level where an exchange forcibly closes a leveraged trade.