A long position on SPCX has fallen into significant losses after the token's continued decline, according to Hyperinsight monitoring. According to Odaily, an address starting with 0x91d has seen its cost basis breached by approximately 26.1%, making it the largest underwater position for SPCX on Hyperliquid. The address currently holds 12,085 SPCX long contracts with a notional value of about $1.638 million, an average entry price of $183.2, and an unrealized loss of approximately $577,000, or negative 52.1%. The unrealized loss once expanded to $616,000 when the price broke below the cost basis. The account's margin of approximately $509,900 is fully allocated to maintaining this position. The position was opened during a rally following SPCX's listing and has been held for a full month without any additions or reductions, passing through the listing, the Nasdaq inclusion catalyst, and the subsequent sustained decline. The only remaining risk ahead is the unlocking of early holder tokens.