🚀 HYPE Hits a Record High as SpaceX Volume Pours Into Hyperliquid
Hyperliquid’s HYPE token hit a new all-time high of $76.50 overnight, a 12% gain. The rally was driven by massive volume in the SPCX perpetual contract, which represents tokenized SpaceX shares. With the Nasdaq closed, after-hours price discovery occurred entirely on Hyperliquid.
The SpaceX contract surged to nearly $230 at its peak, settling around $209 with $1.1 billion in volume. This activity made it the third-largest market on the platform, trailing only Bitcoin and Ether. HYPE ETFs also recorded their second-best day, trading roughly $17 million, signaling that traditional finance is seeking exposure. Hyperliquid is capturing pre-IPO and real-world asset demand, with HYPE acting as the primary proxy for that capital flow.
₿ Strategy Balances Bitcoin and Cash Accumulation
Strategy purchased an additional 1,587 Bitcoin for approximately $100 million at an average price of $63,024. Simultaneously, the firm grew its USD reserve by $100 million, bringing it to $1.1 billion. This marks the second consecutive week of rebuilding its cash cushion to cover dividends on preferred shares and interest on its $1.7 billion debt obligations. Both actions were funded by selling $209 million of MSTR stock through its at-the-market program. MSTR shares rose 6% following the announcement.
🤖 Hyperliquid Loses AI Perpetuals, But Dominance Continues
Ventuals, the team behind Anthropic and OpenAI valuation perpetuals on Hyperliquid, is shutting down those markets. The contracts have been halted and settled. While this eliminates direct betting on the largest private AI companies, Hyperliquid’s dominance in pre-IPO trading remains unchallenged, given the immense success of the SPCX contract.
📉 Centralized Exchange Volumes Hit Multi-Year Low
Combined crypto exchange volume fell 3.45% in May to $4.41 trillion, the lowest level since September 2024. Spot volumes hit their weakest point since October 2023. In contrast, real-world asset perpetuals jumped 10.4% to a record $211 billion, and decentralized exchange futures volume rose for the first time in seven months, indicating capital is rotating into novel on-chain instruments while abandoning traditional spot trading.