My understanding is that the fundamental aspects of the financial report exceeded expectations, and the selling pressure after the lock-up period was not as fierce as anticipated. New positive news and analyst upgrades will trigger buying from long positions. Meanwhile, the previously highly crowded short positions were forced to cover, further amplifying the rise.$SpaceX(SPCX.US)
Why did SPCX surge so much? Because before the earnings report, the market had already accumulated a large number of short positions. On the lock-up expiration date, many who previously held stocks bought puts (or shorted on hyperliquid) after listing. After the lock-up expired, they wouldn't sell the shares (as this would incur significant taxes), but instead close out their short positions; this creates a short squeeze. In reality, with today's sophisticated financial derivatives, the selling pressure from the lock-up expiration is actually realized gradually in the early stages.$SpaceX(SPCX.US)
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