PLTR Surges Nearly 50% in Weekly Rebound, Forcing Big Short to Cover; Acknowledging a $23.6 Million Loss, the Bearish Trader Shifts to a Long Position

August 12th, according to TradingBeats (formerly Hyperinsight) monitoring, PLTR surged from a low of $119.71 to a high of $179.42 in the past week, with a maximum increase of about 49.9%, and is now trading at $172.39. After the earnings report, the strong uptrend not only increased trading volume and open interest, but also saw a whale who had just opened a $23.6 million short position quickly abandon the retracement trade, and went long immediately after closing the position in 1 second.

In the past 24 hours, the number of open PLTR contracts has increased by about 278.7%. The OI value has risen from about $10.88 million to $41.05 million, an increase of about $30.17 million, a percentage increase of approximately 277%; the trading volume during the same period is about $93.75 million.

The whale with the address starting with 0x4e23 is one of the most prominent new positions. At the time of writing, the whale has opened a 10x leveraged long position on 92,400 PLTR contracts, with a position value of around $15.924 million, an average entry price of $175.25, and a single address accounting for approximately 38.8% of the total open interest in the PLTR market, transforming from a large short position to one of the most concentrated long positions.

The new long position has not yet been price-validated. It currently has an unrealized loss of about $264,000, a return rate of approximately -16.3%, a liquidation price of $165.99, which is 3.7% below the current price. The current hourly funding rate is about +0.0625%, with long positions needing to pay funding fees.

This whale has previously chased rallies and sold off declines in multiple assets, engaged in right-skewed trading, often opened positions with extremely tight liquidation prices. However, due to several key reversals, the whale often stops out before significant retracements and has a historical profit of up to $17.7 million.