The largest SPCX long on Hyperliquid has mostly been closed at a loss of about $300,000, according to on-chain analyst Ember. The address accumulated roughly $36.4 million in pre-listing SPCX long exposure at an average entry price of $171.4, then exited most of the position over the past few hours at an average of $169.8. The trade was unwound after the token failed to extend gains following launch and hovered near its opening level.