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

August 5th, according to TradingBeats (formerly Hyperinsight) monitoring, SpaceX's first earnings report after going public was priced in, and the bullish news was actually used as an exit opportunity for whales in ambush. SPCX surged to $131.3 this morning but quickly dropped to a low of $113.76 within about 15 minutes, showing a price difference of $17.54. It is now trading at $116.25, retracting 11.5% from the post-earnings high, with a 24-hour gain of only about 1.5%.

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

The Hyperliquid market showed a volume-driven deleveraging. SPCX's trading volume in the past 24 hours was around $839 million, which was 4.1 times higher than the same period yesterday; however, the open interest value decreased from about $213 million to $183 million, a 14% downturn. The funding rate over the past 24 hours also dropped by about 50% and turned negative several hours after the earnings report was released.

Yesterday, the retreat of 7 prominent million-dollar long positions was the most significant. These addresses collectively held around 238,800 SPCX, worth $27.41 million; currently, only 3 addresses continue to hold positions, which have decreased to around 81,200 SPCX, worth $9.435 million, a reduction of about 66%. Among them, 4 long positions have already been completely closed.

Over the past 24 hours, large fund movements have predominantly been "deleveraging". New and additional short positions amounted to about $12.079 million; however, during the same period, 9 existing long positions reduced their exposure by a total of $40.779 million, while shorts covered about $30.219 million. Both longs and shorts are taking profits and shrinking their positions.

Whale order book indications. The exited funds left buy orders of approximately $5.441 million at $107.7 to $110.5 and another group of funds waiting to add positions at $105; the largest remaining long position set up 200 "only reduce" sell orders at $139.33 to $143.88, planning to take profits on the remaining 60,000 positions.

The post-earnings price of $116 is currently not attractive enough to lure whales to continue chasing the rally. The funds that were chasing the rally earlier are now using the earnings report peak to retreat, shifting the next round of accumulation range to $105 to $110.5. The pricing trend of SPCX has now shifted to the actual selling pressure after the unlock on August 6.

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