Someone really doesn’t believe the SpaceX hype.
A trader operating under the name VBVIT has amassed a $28.9 million short position against the SPCX token, a crypto instrument that tracks SpaceX stock exposure. According to Arkham Intelligence, the position represents the largest known SpaceX short in the cryptocurrency markets, and it’s already paying off to the tune of roughly $2.5 million in unrealized gains over the past week.
The bet is striking for its timing. SpaceX completed one of the largest IPOs in history just days ago, on June 12-13, and public enthusiasm for the stock has been anything but tepid. VBVIT looked at that enthusiasm and decided to bet against it, hard.
How the position grew
VBVIT didn’t cannonball into a $29M short overnight. The trader started with a position valued at $6.3 million, then doubled it to reach the current $28.9 million total. The average entry price sits at $193 per token.
