A newly created wallet address, 0xcc3A, deposited about $4.5 million in USDC into the decentralized derivatives platform Hyperliquid and then placed limit orders to short SPCX.

According to Odaily, Lookonchain monitoring said the address used a staggered limit-order shorting strategy.

The reported trading activity was widely interpreted by the market as a bet on a price rise in SPCX tied to IPO-related trading, followed by a sell-off pullback.