Trader 0x9cc builds major SPCX long as derivatives activity surges

Ahead of and during SPCX’s debut, on-chain monitors showed a whale long near $35 million while contract volume reached $630 million and open interest hit $506 million on June 12.

USDC

HYPE

41d ago

Fact Check

The Arkham original post confirms 0x9cc built the largest on-chain SPCX long (~$18.5M from $16.6M deposited), and a later Arkham update lists 0x9cc as the top long at $33.8M amid $276M total positioning. The theblockbeats derivatives report independently corroborates the $630M 24h contract volume and $506M open interest figures (per Coinglass) on the June 12 SpaceX debut. All key facts in the claim are directly supported by primary sourcing.

Summary

SPCX drew intense speculative trading around its listing, with Arkham and Lookonchain monitoring cited by Odaily reporting large pre-trading bullish bets. Address 0x9cc was reported earlier with a $33.8 million long, while a newer Lookonchain update said a whale had increased its leveraged SPCX long to 202,305 tokens worth $35.14 million, with a liquidation price of $95.12, just before trading began. A separate June 12 Arkham update said 0x9cc had sent $16.6 million in USDC to Hyperliquid over 48 hours, held about $18.5 million of SPCX, and retained $10 million in on-chain liquidity, indicating a leveraged long setup. Other reported positions included a $6.4 million long by 0x4e2 and shorts of $7.9 million by address 0x051, predicted to be Dunamis Trading, and $6.7 million by address 0x012, linked to "wenyu888888." As trading accelerated on June 12, Bitget data showed 24-hour SPCX contract volume rose 63.88% to $630 million, while Coinglass reported open interest increased 47.26% to $506 million across Binance, trade.xyz, OKX, and Bitget.

Terms & Concepts

open interest: Value of outstanding derivatives positions.
liquidation price: Price level at which a leveraged position may be forcibly closed.
leveraged long: A bullish position using borrowed exposure.