“1011 Insider Whale” Agent: Keep an Eye on SpaceX's Upcoming Unlock Window; Bitcoin Still Awaiting Breakout Signal

Odaily News – Garrett Jin, agent for the “1011 Insider Whale,” has released his latest weekly market analysis report, reviewing recent trends in South Korean equities, gold, Bitcoin, and SpaceX.

Regarding SpaceX, Garrett Jin noted that the team had earlier highlighted a buying opportunity on August 6, the day the lock-up period expired. At that time, approximately 911.5 million internal shares were unlocked, more than doubling the float, while roughly 35% of the free float was in short positions, leading to broad market expectations of downward pressure on the stock.

However, SpaceX rallied against the trend, rising about 22% over two days, adding roughly $327 billion in market cap and climbing back above its $135 IPO price. Relative to the earlier suggested entry point around $110, the one-week gain came to about 35%. Garrett Jin believes that the large-scale unlock combined with heavy short interest actually acted as a catalyst, as the market had already priced in the selling pressure. That said, SpaceX still faces ongoing unlock events ahead, including around 319 million shares on August 20 and an expected ~700 million shares in each of September and October. As such, the $160 range is better suited as a profit-taking zone rather than a level to chase.

On macro assets, Garrett Jin said gold's recent rally has exceeded expectations, rising 7.8% in a week to a high of $4,467, driven by expectations of a weaker dollar, soft U.S. jobs data, and reduced market pricing for rate hikes. However, gold positioning has become somewhat crowded in the short term, and a pullback could offer the next accumulation opportunity. In contrast, Bitcoin has been relatively weak, currently consolidating around $63,600, constrained by support at $62,500 and resistance in the $65,000–$70,000 range. Still, he believes the bottom structure that began around $57,700 in July is gradually forming.

In the South Korean market, Garrett Jin said the team had been waiting for SK Hynix (000660) to pull back to a key support zone before repositioning. The stock recently retraced to around 1.42 million KRW, touching the second support level of the prior “double bottom” pattern, and then bounced sharply, rising as high as 1.634 million KRW intraday on August 13 before closing up 5.9%. He believes the Korean stock market is still in a broad consolidation phase rather than a new trend move. Overseas capital's earlier short-term trades have yet to convert into long-term allocations, while pressure from leveraged ETFs continues to weigh on the market. Strategically, Garrett Jin views the 1.63 million KRW level as the first profit-taking zone, with the next target around 1.85 million KRW.