$SPCXB The recent news around SpaceX has shaken market sentiment after reports of a sharp decline from its previous peak. Negative headlines have triggered fear, and the SPCXUSDT perpetual market is now trading near 110.7, down around 3.5% on the day.$SPCXB

However, the options market tells a more balanced story. While traders have increased downside protection through puts, several of the largest premium trades remain neutral to bullish, suggesting that some institutional participants still expect stability or a recovery rather than a prolonged crash$SPCXB .