SpaceX pre-IPO bet crashes 45% while HYPE holds near highs
The post SpaceX pre-IPO bet crashes 45% while HYPE holds near highs appeared on BitcoinEthereumNews.com. SpaceX-linked pre-IPO perpetuals on Hyperliquid came under pressure after the SPACEX-USDH contract crashed by about 45% in 30 minutes. Summary SpaceX-USDH plunged 45% in 30 minutes, helping trigger liquidations that wiped out $25.27 million in positions over the past 24 hours. HYPE rose near $62 after the crash, showing demand stayed firm despite new oracle concerns. The selloff exposed thin liquidity gaps in pre-IPO perps as traders chased synthetic SpaceX exposure. The move erased about $1.5 million in liquidations and raised fresh questions about thin markets, oracle feeds, and leveraged access to private-company exposure. The move did not cause a direct selloff in Hyperliquid’s native token. HYPE (HYPE) traded near $62 on May 29, with crypto.news data showing an 8% gain over 24 hours. The rebound kept the token close to its recent record high, even as traders reviewed the risk