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The cryptocurrency derivative contract SPCX related to the SpaceX IPO has rebounded on the decentralized trading platform HyperLiquid, as market expectations for the debut performance of the aerospace company founded by Elon Musk have revived. Data shows that the trading price of the SPCX contract rose to about $176 to $183 on Friday, after dropping to around $153 earlier this week, significantly rebounding from the approximately $157 level when the market was focused on it on Wednesday. Currently, the open interest for this contract is about $216 million, with a 24-hour trading volume exceeding $150 million.SPCX does not represent ownership of SpaceX stock, allocation rights, or company equity, but is a cash-settled derivative. However, since the IPO issuance price for SpaceX has been set at $135 per share, this contract is viewed by the market as an important reference for measuring investor expectations for the opening price on the first day of trading. Based on the current price of about $183, SPCX implies a premium of about 36% for SpaceX's first-day listing. Earlier in May, this contract rose to $216, corresponding to a premium of about 60% over the IPO price; while earlier this week, when it dropped to $157, market expectations for the premium narrowed to about 16%.Meanwhile, other informal market signals also indicate a warming of investor expectations. Bloomberg reported that data from IG International's related derivatives shows that the market implies a valuation of SpaceX at about $2.4 trillion, which is over 35% higher than the approximately $1.77 trillion valuation corresponding to the IPO pricing. Additionally, Polymarket users currently assign about a 70% probability that SpaceX's closing market value on the first day will exceed $2 trillion. SPCX had previously accumulated a decline of about 30% over the past few weeks, reflecting traders' cautious outlook on SpaceX's listing performance; however, the recent rebound indicates that the market is recalibrating the potential high valuation premium that the SpaceX IPO may bring.

According to GMGN data, the top 5 tokens with net inflow in the past 24 hours are as follows:dih (Gh5t....ump): Net inflow of $2,000, with a 24-hour increase of 11303.8%, currently priced at $0.0003.drooling (B6f2....ump): Net inflow of $2,000, with a 24-hour increase of 137.2%, currently priced at $0.0014.GTA6 (E7D4....ump): Net inflow of $788, with a 24-hour increase of 1274.8%, currently priced at $0.0001.Mewania (GJwQ....ump): Net inflow of $478, with a 24-hour increase of 54.9%, currently priced at $0.0001.SPCX (9qpD....ump): Net inflow of $311, with a 24-hour increase of 9325.5%, currently priced at $0.0003.

Coinbase CEO Brian Armstrong tweeted, "For years, cryptocurrency trading has been shifting overseas due to the lack of clear regulatory rules in the U.S., and while perpetual contracts are favored by traders, they are banned in the U.S. Frankly, about half of the perpetual contract trading volume comes from U.S. users who use offshore products via VPNs, and KYC checks are lax. Other companies have set up offshore entities to find ways to evade regulation. After dozens of trips to Washington, D.C., and numerous communications from our policy team, we finally received approval to allow U.S. users to access true global perpetual contracts."Previously, the CFTC's Market Participants Division issued a clarification letter and a no-action letter to registered futures commission merchant Coinbase Financial Markets (CFM), allowing it to offer cryptocurrency options and perpetual contracts listed on the affiliated offshore exchange Deribit FZE to U.S. users. The letter confirmed that the aforementioned perpetual contracts can be classified as foreign futures under CFTC Regulation 30.1.Additionally, under specific conditions, the CFTC will not recommend enforcement action regarding CFM transferring digital commodities held by customers and paying stablecoins to its offshore brokerage affiliates for margin purposes, and that affiliate may exercise reuse rights over the aforementioned customer assets.

Barron's reporter Nick Devor posted on X that Kalshi announced new developments regarding its "perpetual contracts" product at today's Kalshi Perpetuals event. The perpetual contracts are now open to the public (currently supporting 11 types of tokens), and its proprietary trading terminal Kalshi Pro will also be launched later this summer.

According to Gate market data, the US stock market opened with the Dow Jones Industrial Average up 0.42%, the S&P 500 index up 0.5%, and the Nasdaq Composite Index up 0.5%. Oracle (ORCL.N) plummeted 11%, as the company plans to double its financing to $40 billion in the new fiscal year. Intel (INTC.O) rose 7%, as Bank of America upgraded its rating to "Buy."

According to Jinshi, the SpaceX IPO has attracted over $70 billion in retail orders. SpaceX will allocate at least 20% of the IPO shares to retail investors. SpaceX will allocate less than 10% of the IPO shares to international orders.

Bitget announced the launch of the global football-themed event "Universal Cup," which transforms sports viewers into participants through interactive mini-games. Users can choose representative teams from 48 participating countries and engage in a penalty shootout challenge that integrates elements of cryptocurrency, stocks, and CFDs, competing for a total prize pool of 250,000 USDT. During the event, users' individual scores will contribute to the national rankings, forming a dynamic global leaderboard; even if the selected country is eliminated, users can switch countries to continue participating. The prize pool will be distributed through daily rewards, leaderboard rewards, lucky draws, and champion rewards, with the event ending on July 19.Bitget CEO Gracy Chen stated that the Universal Cup combines the atmosphere of global sports events with the UEX panoramic exchange ecosystem, helping users intuitively understand multi-asset trading scenarios through engaging interactions. Bitget has signed a contract with Messi and is a multi-regional official partner of La Liga. This event continues Bitget's long-term layout in the field of sports marketing, promoting the synergy between sports narratives and the multi-asset trading system.

The US stock market weakened overall due to geopolitical risks and a high-level correction in technology stocks, while the optical communication sector showed resilience against declines. According to CoinGlass data, Coherent (COHR) is currently priced at $360.06, with a daily increase of 1.21%, and the total contract open interest across the network reached $8.9669 million, with approximately $843,300 in contract open interest on the Gate platform, ranking third in the network. In addition, Lumentum (LITE) is currently priced at $865.82, with a daily increase of 5.86%, and the total contract open interest increased by 29.17%, with approximately $777,000 in contract open interest on the Gate platform, also ranking among the industry leaders.

The cryptocurrency trading platform SuperEx announced that it will officially launch the CIENUSDT and ISRGUSDT perpetual contract trading pairs today at 21:30 Beijing time (13:30 UTC).It is reported that the newly launched contract trading pairs support full margin, cross margin, and isolated margin modes, and users can experience trading through SuperEx's web and app platforms.

According to Arkham monitoring, a certain address has just withdrawn approximately 1% of the total amount from the Zcash privacy pool Orchard Pool. Currently, Orchard Pool theoretically still holds about 3.88 million ZEC, valued at approximately 1.65 billion dollars at the current price.

The Binance contract platform will launch the BMNRUSDT perpetual contract on June 11 at 17:15, the UVXYUSDT perpetual contract at 17:20, the ADBEUSDT perpetual contract at 17:25, the GLWUSDT perpetual contract at 17:30, the STXXUSDT perpetual contract at 17:35, and the ASMLUSDT perpetual contract at 17:40, with a maximum leverage of 20 times.

CryptoQuant released the latest report indicating that Bitcoin has fallen to a new low of $59,000 in this bear market, currently only 9% higher than the realized price of $53,600, and from a valuation perspective, it is close to the bottom range of previous bear markets. However, CryptoQuant pointed out that the current bottom has not yet been confirmed. Last week, total Bitcoin demand dropped to negative 652,000 BTC, marking the largest contraction since January 2022; the one-year apparent spot demand growth rate also turned negative, falling to its weakest level since February 2024.Meanwhile, ETF purchase demand experienced the fastest contraction since its launch in January 2024, with the 30-day ETF demand growth rate hitting a historical low. The report also stated that realized losses in the past 30 days amounted to 187,000 BTC, which has not yet reached the level of historic sell-off clearance.

The cryptocurrency trading platform SuperEx announced that it will officially launch the ZMUSDT, DKNGUSDT, RIVNUSDT, XLEUSDT, and EWZUSDT stock U-based perpetual contract trading pairs today at 17:00 Beijing time (09:00 UTC).It is reported that the newly launched contract trading pairs support full position, isolated position, and split position modes, and users can experience trading through SuperEx's web and app platforms.

Coinbase CEO Brian Armstrong posted on the X platform that Coinbase has been approved to offer global crypto perpetual contracts to users in the United States. He stated that for years, crypto trading has shifted overseas due to the lack of clear regulations in the U.S., and perpetual contracts are high-quality products that traders want but are not allowed in the U.S. It is estimated that about half of the perpetual contract trading volume comes from Americans using offshore products with relaxed regulations through VPNs.

Tom Lee stated at the DACFP conference for investment advisors that the current financial system is built on a multi-layer technology stack, with a significant amount of "false or fraudulent transactions." He noted that Ethereum (ETH) and Bitcoin (BTC) have "never had fraudulent transactions" at the blockchain level, and that the operational costs of blockchain are lower.Tom Lee further pointed out that investing in blockchain is similar to holding real estate assets, and in the future, "agent-based AI" will rely on blockchain for higher speeds and to prevent system failures. He also mentioned that the supply of ETH is contracting, and BitMine may not need to hold more than 5% of the total supply of ETH. Additionally, he stated that BitMine may be included in the Russell 1000 index by the end of June, which could provide stability support for its stock price, and referenced the company's holdings in MrBeast-related financial companies.