SpaceX Earnings Report Bull Run Exhausted in 15 Minutes, Whale Investor Exits 66% of Position, Unlocking Expected to Determine Takeover Price

BlockBeats News, August 5, according to TradingBeats (formerly Hyperinsight) monitoring, SpaceX's first financial report after going public was priced in, and the bullish news turned into a whale trap exit window. SPCX surged to $131.3 this morning but quickly dropped to a low of $113.76 within about 15 minutes, with a price difference of $17.54 between the high and low. It is now trading at $116.25, a pullback of 11.5% from the post-report high, with a remaining 24-hour gain of only about 1.5%.

The financial report data itself was notably strong, with revenue exceeding expectations. However, during the regular trading hours before the report, SpaceX's stock price had already risen by 9.4% to $125.33. After the bullish news landed, the price plunged by over 8% in after-hours trading, indicating that the growth expectations had been front-run.

Hyperliquid's market showed a surge in deleveraging. SPCX's trading volume in the past 24 hours was about $839 million, an increase of 4.1 times compared to the same period yesterday; however, the open interest value dropped from about $213 million to $183 million, a 14% decrease. The funding rate over the past 24 hours also decreased by about 50% and turned negative several hours after the report was released.

Seven significant new long positions at the million-dollar level tracked yesterday retreated noticeably. These addresses collectively held about 238,800 SPCX tokens, worth $27.41 million; currently, only 3 addresses continue to hold positions, with holdings reduced to about 81,200 tokens, worth $9.435 million, a decrease of approximately 66%. Four of the long positions have already been completely closed.

Over the past 24 hours, large funds overall have mainly deleveraged. New and added short positions were about $12.079 million; however, 9 original long positions collectively reduced their positions by $40.779 million, while shorts also covered about $30.219 million. Both longs and shorts are taking profits and scaling back.

Whale order book indications. Cleared funds left buy orders of about $5.441 million in the $107.7 to $110.5 range, while another group of funds is waiting to add to positions at $105. The largest existing long position has placed 200 "partial liquidation" sell orders in the $139.33 to $143.88 range, planning to take profit on the remaining 60,000 tokens.

The $116 post-report price is currently not attractive enough to lure whales to continue chasing the rise. Funds that were chasing the rally earlier are now retreating on the rally fueled by the financial report and have shifted the next round of accumulation to the $105 to $110.5 range. The pricing trend of SPCX has now shifted to the actual sell pressure after the August 6 unlock.

Previous News: SPCX Enters Earnings Report and Unlocking Joint Pricing Window, with a Whale Position Adding $76 million in Half a Day