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The SpaceX IPO is nearing 4 times oversubscription, with some analysts believing that this may be squeezing liquidity out of the market and putting pressure on tech stocks and the crypto market. The SpaceX IPO has attracted over $250 billion in investor demand, far exceeding its planned fundraising of $75 billion. This IPO corresponds to a company valuation of approximately $1.8 trillion, and if completed, it will become the largest public offering in history. Pricing is expected to take place on Thursday, although demand data may change before then.Andri Fauzan Adziima, the research director at Bitrue Research Institute, stated that the current decline in crypto and tech stocks is not random volatility, but rather the "IPO tax" brought about by SpaceX's record IPO. He believes that as the SpaceX IPO pricing approaches, liquidity in risk assets is being withdrawn, with the crypto market being the most affected due to its greater reliance on retail investors and its correlation with growth stocks and tech narratives. This is not the beginning of a broader bear market, but rather a "temporary rotation."Additionally, cryptocurrency exchanges such as Binance, Coinbase, Kraken, and Bybit have launched perpetual futures for SPCX ahead of the IPO this month. Binance's related products have accumulated a trading volume of $2.1 billion over 18 days, covering more than 130 countries; the decentralized exchange Hyperliquid has had a trading volume of $70 million in the past 24 hours, with open contracts exceeding $115 million.

With the resurgence of variables in the Middle East situation and the support of strong U.S. inventory data, crude oil has shown a stabilization trend after experiencing violent fluctuations. According to market data from the Gate platform, Brent crude oil (BZ) is currently priced at $91.31, down 1.28% in 24 hours; WTI crude oil (CL) is currently priced at $88.05, down 1.64% in 24 hours. According to CoinGlass data, trading of crude oil-related contracts on the Gate platform remains active. Among them, the Gate BZUSDT contract has a 24-hour trading volume of $8.377 million, consistently ranking among the top two in the industry; the CLUSDT contract has a 24-hour trading volume of $13.3168 million, with an open interest of approximately $8.2264 million, both ranking prominently in the industry.

The Binance futures platform will launch the ZMUSDT perpetual contract on June 10 at 17:00, the DKNGUSDT perpetual contract at 17:05, the RIVNUSDT perpetual contract at 17:10, the GMEUSDT perpetual contract at 17:15, the XLEUSDT perpetual contract at 17:20, and the EWZUSDT perpetual contract at 17:25. Users can pay attention to subsequent announcements for more information.

The cryptocurrency trading platform SuperEx announced that it will officially launch the NFLXUSDT, EBAYUSDT, and HIMSUSDT perpetual contract trading pairs on June 10 at 11:00 Beijing time (03:00 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.

Kalshi announced that its newly launched crypto perpetual contract product has surpassed a notional trading volume of $1 billion within 7 days of its launch, with over $100 million traded in the first 24 hours after the product went live.Previously, Kalshi received formal approval from the Commodity Futures Trading Commission (CFTC) at the end of May this year, allowing it to list 13 crypto digital asset contract projects, including perpetual contracts referencing the spot price of Bitcoin (BTCPERP), and officially launched trading on June 3, becoming the first entity in U.S. history to offer such products on a domestically compliant exchange.

According to a report by Chainalysis, over the past six months, at least $36.7 million has been stolen from protocols with unverified source code, involving protocols such as Truebit, Trusted Volumes, Aperture Finance, and Ekubo. Attackers are searching for vulnerabilities by decompiling the original bytecode. AI-assisted vulnerability exploitation development is accelerating this trend, as large language models can scale the identification of vulnerability patterns.Chainalysis points out that unverified contracts lack community review and are often excluded from bug bounty programs. The barrier to AI decompilation and vulnerability analysis is rapidly decreasing, allowing attackers to systematically scan thousands of unverified contracts. Protocols should verify all contract code, audit the contracts actually deployed, expand the coverage of bug bounties, and implement real-time on-chain monitoring. Each unverified contract is a potential target for automated scanning, and relying solely on obfuscation as a security measure is no longer effective.

According to a report by Reuters, SpaceX, owned by Musk, has attracted over $250 billion in investment demand for its IPO, with an oversubscription multiple of 3.5 to 4 times, far exceeding its planned fundraising scale of $75 billion. Long-term funds have submitted large subscription orders, and Musk himself briefly attended some investor Zoom roadshow meetings.SpaceX President Gwynne Shotwell and CFO Bret Johnsen attended an institutional investor luncheon hosted by Morgan Stanley in Manhattan on Tuesday, meeting with about 300 institutional investors. The IPO pricing is expected to be completed by Thursday afternoon. SpaceX emphasized three major growth engines in its roadshow materials: Starlink, AI, and space data centers, stating that the potential market size for its AI business could reach $23 trillion. The company indicated that by deploying data centers in space, it could overcome the capacity limitations of ground infrastructure and fill the computing power gap in the United States.This IPO is taking place during a period of high market volatility, with the Nasdaq index recording its largest single-day drop in over a year on Friday, and Bitcoin having fallen 37% from its January peak. Some analysts believe that investors selling other assets to participate in the SpaceX IPO may be one of the reasons for the recent market correction.

According to Lookonchain, an address "0x97f8" opened a short position on the S&P 500 related contract xyz:SP500 today, using 50x leverage to short 15,001 contracts, with a notional size of approximately $111.6 million. The current liquidation price for this position is 8294.9 points, which is only about 9% buffer space compared to the current S&P 500 level of around 7600 points, meaning that if the index continues to rise in a high-leverage environment, the account will face a high risk of liquidation.

WINkLink Oracle officially announces the addition of KGST price data support and the simultaneous launch of the KGST / TRX trading pair. By providing a stable, decentralized on-chain price feeding service, WINkLink will help $KGST connect to the TRON DeFi ecosystem more efficiently and securely, widely applied in on-chain financial scenarios such as lending, trading, and stablecoin exchanges.This price service support will officially take effect from May 14, 2026 (Singapore time). Users can now access the price feed details page to view real-time data, and the contract address for the KGST/TRX price pair has also been opened. In the future, WINkLink will continue to provide reliable oracle infrastructure for the TRON ecosystem.

According to independent analyst Markus Thielen, with only a few days left until the SpaceX IPO, market expectations continue to rise. Currently, there are almost no signs that SpaceX will raise the expected offering price of $135, which means that the target fundraising scale of $75 billion has been sufficiently covered by subscriptions.Meanwhile, the related pre-IPO synthetic perpetual contracts for SpaceX are quoted at $157 on Hyperliquid and $169 on Binance, both significantly higher than the expected offering price, with implied valuations on both platforms approaching $2 trillion. Although the price has retreated from the previous high of around $200, the predictive market still gives a 68% probability that SpaceX will have a valuation exceeding $2 trillion by the end of the year, indicating that traders generally expect a strong performance upon listing.

The US stock market's AI and semiconductor sectors have seen a significant rebound, with market trading activity notably increasing. According to CoinGlass data, Micron Technology (MUUSDT) is currently priced at $949.04, with a 24-hour increase of 6.38%; the total 24-hour contract trading volume across the network has risen by 132.17%, with a total 24-hour contract open interest reaching $271 million. Among them, the Gate platform's contract trading volume reached $13.08 million, with a contract open interest of $4.38 million, ranking among the top in the market.At the same time, Marvell Technology (MRVLUSDT) is currently priced at $288.12, with a 24-hour increase of 3.34%; the total 24-hour contract trading volume across the network has risen by 126.93%, with a total 24-hour contract open interest reaching $169 million. Among them, the Gate platform's contract trading volume reached $3.49 million, with a contract open interest of $3.21 million, also ranking among the top in the industry.

The Binance futures platform will launch the NFLX USDT perpetual contract on June 9 at 17:00, the COST USDT perpetual contract at 17:05, the URNM USDT perpetual contract at 17:10, the HIMS USDT perpetual contract at 17:15, and the EBAY USDT perpetual contract at 17:20. All contracts support 20x leverage, and trading is available 24/7.

Haedal posted on platform X that the team recently monitored an abnormal decrease in liquidity in some of Haedal's Vault pools. As a precaution, related contracts have been suspended, and an investigation is underway to determine the root cause to prevent further impact.The affected range is limited to a few Vault pools, and other products are safe and unaffected. All related direct losses will be fully borne by Haedal. The team will provide a more detailed investigation update after the analysis is completed.

Sahara AI posted on the X platform that the team has noticed unusual fluctuations in the SAHARA token market and is monitoring it in real-time. There are no security issues with the token contract and products, and the team has initiated an internal investigation to understand the reasons for the fluctuations and will provide further updates as soon as possible.Coingecko data shows that the SAHARA token has dropped 59.5% in the past 24 hours, currently priced at $0.01549.

According to on-chain analyst Yu Jin's monitoring, the on-chain price of H has continued to decline to $0.003, approaching zero. Currently, there is a significant price difference between the contract and the spot market, with the Binance perpetual contract price at $0.06, which is 20 times higher than the on-chain price.

The cryptocurrency trading platform SuperEx announced that on June 9 at 11:00 Beijing time (03:00 UTC), it officially launched the stock U-based perpetual contract trading pairs PANWUSDT, AXTIUSDT, CRDOUSDT, IRENUSDT, and QNTXUSDT.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.

According to Bloomberg, Bitcoin fell below $60,000 last week, with a market value evaporating by about $235 billion within seven days, nearly halving from last year's peak. The market value of altcoins has shrunk from a peak of $431 billion in November 2021 to about $170 billion, with less than 1,700 of the tens of millions of tokens created in recent years still having substantial trading activity. However, in stark contrast to the price trends, the most commercially valuable businesses in the crypto industry are accelerating growth.The annual trading volume of stablecoins reached about $390 billion, with total trading volume soaring 72% to $33 trillion by 2025. Over $30 billion in assets have been tokenized, and BlackRock's tokenized money market fund BUIDL has an asset size of $2.4 billion. Visa and Mastercard are expanding stablecoin settlement capabilities, and Nasdaq is collaborating with Kraken to offer tokenized stocks.Bloomberg Intelligence's Mike McGlone stated that the most important technology is stablecoins; when you have stablecoins, you don't need XRP or Bitcoin to store value. We are experiencing a cleansing, and this has only just begun. EMJ Capital founder Eric Jackson pointed out that "the Bitcoin price chart used to be the entire crypto story, but it is no longer."

According to CoinDesk, Citrini Research, which caused panic in the AI stock market in February, has listed Hyperliquid and its HYPE token as new "attractive" investment targets. The report points out that, unlike most crypto assets (including Bitcoin), HYPE can generate real cash flow and has a buyback mechanism.The report states that over 90% of the fees generated by the platform are transferred to the buyback fund, and since its launch in January 2025, more than $2 billion worth of HYPE has been repurchased, accounting for nearly half of last year's token buyback activities in the entire crypto industry. The report believes that the investment logic of HYPE is increasingly linked to the business performance of the exchange. Although the U.S. CFTC opened the regulatory door for crypto perpetual contracts last month, exchanges like Kraken and Coinbase are competing to launch related products, Hyperliquid stands out in the crypto industry due to its revenue-generating capabilities.