Whale Opens $22.3M Leveraged Long on Synthetic SpaceX Pre-IPO Token as Premium Hits 30%
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@cointelegraph
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Summary
A whale has opened a $22.3 million leveraged long position on SPCX, a synthetic pre-IPO perpetual contract tied to SpaceX, as hype around the company's potential IPO drives a 30% premium. The position, held with 2x isolated leverage, has already generated over $1.15 million in paper profits since entry near $168, with SPCX recently trading around $175. The article notes historical warnings about post-debut losses for such synthetic instruments.
Key quotes
· 3 pulledSpaceX's IPO is already spilling into crypto markets, where one whale has opened a $22.3 million leveraged long on SPCX, a synthetic pre-IPO perpetual contract tied to Elon Musk's aerospace company.
The whale entered near $168, while SPCX recently traded around $175, leaving the position with roughly $1.15 million
History warns of post-debut losses.
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