A PLTR whale just abandoned a $23.6 million short position and flipped long within one second of covering, after the token's week-long rally approached 50%, according to TradingBeats (formerly Hyperinsight).
PLTR climbed from last week's low of $119.71 to as high as $179.42, a maximum gain of roughly 49.9%. It was last seen trading near $172.39. The post-earnings surge has stretched trading activity and open interest, and one whale that had just opened a large short betting on a pullback quickly gave up on that trade.
The cover-to-long switch happened quickly. The address closed its short and opened a long just one second later.
Over the past 24 hours, the number of open PLTR contracts rose about 278.7%. In dollar terms, open interest jumped from around $10.88 million to $41.05 million, an increase of roughly $30.17 million, or about 277%. Trading volume reached roughly $93.75 million over the same window.
The address was the largest new position during the period. At the time of writing, it holds 92,400 PLTR with 10x isolated margin, valuing the position at roughly $15.92 million. The average entry price is $175.25. That single address now accounts for about 38.8% of all open PLTR contracts market-wide.
The position is currently sitting on an unrealized loss of about $264,000, a return of about -16.3%. Its liquidation price is at $165.99, roughly 3.7% from the current price.
Historically, this whale has chased momentum across multiple assets, favoring right-side entries and opening with very tight liquidation bands. The wallet has repeatedly managed key reversals, cutting losses before major drawdowns, with historical profits reaching about $17.7 million.