SpaceX earnings surge fades in 15 minutes; whale positions drop 66%

ME News reports that, as of August 5 (UTC+8), according to TradingBeats (formerly Hyperinsight), SpaceX’s first earnings report post-IPO has been fully priced in, turning the利好 into a window for large whales to exit. SPCX rose as high as $131.30 this morning but dropped to a low of $113.76 within approximately 15 minutes—a difference of $17.54. It is currently trading at $116.25, down 11.5% from its post-earnings high, with only about a 1.5% gain over the past 24 hours. The earnings data itself was notably strong, with revenue exceeding expectations. However, during regular trading hours prior to the report, SpaceX’s stock had already risen 9.4% to $125.33. After the announcement, the price plunged over 8% in after-hours trading, indicating that growth expectations had been front-run. Hyperliquid’s market data shows significant deleveraging. Over the past 24 hours, SPCX trading volume reached approximately $839 million—4.1 times higher than the same period yesterday—while open interest fell from about $213 million to $183 million, a 14% decline. Cumulative funding rates over the past 24 hours also dropped by roughly 50%, turning negative for several hours after the earnings release. Among the seven million-dollar-plus long positions tracked yesterday, the retreat was most pronounced. These addresses collectively held about 238,800 SPCX shares worth $27.41 million; now only three addresses remain active, holding just 81,200 shares valued at $9.435 million—a 66% reduction in position size. Four of the seven longs have fully closed their positions. Large capital flows over the past 24 hours have also been dominated by deleveraging. New and added short positions totaled approximately $12.079 million; however, nine existing long positions collectively reduced their holdings by $40.779 million, while shorts covered approximately $30.219 million. Both sides are realizing profits and contracting exposure. Whale order books show that funds that have fully exited have placed buy orders totaling $5.441 million between $107.70 and $110.50, while another group waits to add positions at $105. The largest remaining long position has placed 200 “reduce-only” sell orders between $139.33 and $143.88, aiming to fully exit its remaining 60,000 shares. At the current post-earnings price of $116, whales are not motivated to chase further gains. Capital that previously drove the rally is now withdrawing during the post-earnings spike, shifting the next buying zone down to $105–$110.50. SPCX’s pricing trajectory has now shifted toward actual selling pressure following the August 6 unlock event. Previous news: SPCX entered a combined earnings and unlock pricing window, with $76 million in new whale positions added in half a day (Source: BlockBeats)