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$SPACE unlocked $101 billion of insider stock this morning. 911 million shares. short interest 35% of float. everyone braced for the flush. the stock went up 2.8%. the lesson is bigger than one ticker: when a feared event has a date on it, the fear gets sold in advance. SPCX already fell 13.6% yesterday and is down more than 50% from june. the sellers who feared the unlock didn't wait for the unlock. scheduled risk gets pre-priced. it's the unscheduled kind that moves markets. tomorrow's number is scheduled.