Coinglass data showed the SpaceX-linked contract ranked third in crypto derivatives liquidations over the past 24 hours after dropping below its first-day opening level.
SPCX perpetual contract liquidations exceeded $76 million in the past 24 hours as shares fell below their first-day opening price. Coinglass data showed the contract ranked third in crypto derivatives liquidation volume during that period, indicating a sharp unwind in leveraged positions after the decline.