Monitored by Woofun AI, SPCX market capitalization has retreated 21% since reaching its all-time high in the first week, triggering cautious valuation assessments across the market.

Concurrently, 24-hour trading volume on Hyperliquid reached approximately $102 million, reflecting a 1.58% decline over the preceding 12 hours as pre-market downward pressure persisted.

On-chain positioning data indicates a pronounced bearish stance among significant holders, with large accounts maintaining 71.7% of their exposure in short positions. The largest single short position on Hyperliquid currently holds a 3x leveraged bet valued at roughly $21.03 million, entered at an average price of 192.02 against a current mark price of 178.33.

Furthermore, whale activity reveals a stark imbalance, with total short positions totaling $60.31 million compared to only $23.74 million in longs, making shorts 2.54 times larger than long exposure.