The sell-off came after earnings and ahead of an upcoming token unlock, with on-chain analyst EmberCN saying the holder had withdrawn the SPCX in early July at a $150 price.
SPCX fell 13% after earnings and ahead of an upcoming unlock, prompting a large holder to capitulate on Binance. On-chain analyst EmberCN said the whale transferred all 20,100 SPCX, worth $2.3 million, to Binance to cut losses, realizing a $720,000 loss, or 24%. The same holder had withdrawn the SPCX from Binance in early July at a price of $150, suggesting the position was built before the latest decline. Token unlocks, which increase circulating supply, can weigh on prices when traders expect added selling pressure.