SpaceX IPO Drives Record $1.4B in Trading Volume on Hyperliquid

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In Today's Note

• BTC and ETH rebounded after the US-Iran deal, with BTC rallying back above $67K and ETH jumping above $1,800 as oil prices fell and US equities continued higher.
• Options traders reduced downside hedging demand, with BTC and ETH put-call skew moving back towards neutral as spot prices recovered.
• Spot HYPE ETFs continued to attract demand, while Hyperliquid’s SpaceX-linked perp saw a sharp rise in trading volume, Capital B prepared a Bitcoin-backed digital credit product, Forward Industries pursued smaller SOL treasury firms, Bitmine added more ETH, and TON rebranded Toncoin to GRAM.

Market Snapshot: Overnight Moves

Macro & Markets

• As markets absorbed a US-Iran deal that would fully reopen the Strait of Hormuz, BTC staged a tentative recovery rally, while risk-on US equities continued to climb higher amidst a further drop in oil prices. 
• After recently falling below $60K to its lowest level since October 2024 amid the longest run of spot ETF outflows and a 32 BTC sale disclosure from Strategy, BTC rallied more than 5% yesterday to trade above $67K. 
• Meanwhile, ETH jumped more than 10% intraday, falling just short of $1,850 and now trades around $1,780. 
• A move higher in US equities helped drag benchmark stock indexes higher too. The S&P 500 finished up 1.65%, the Nasdaq-100 rose 3.06% and the Dow Jones Industrial Average reached an all-time high.

• Traders in options markets have continued to reduce their demand for downside hedges as spot prices across majors BTC and ETH are slowly recovering. The 25-delta put-call skew for 7-day BTC options briefly traded at -2.2%, an almost one-month high. 
• For ETH, the 25-delta skew reached -1.3%, a level it last touched on May 25, 2026, as spot price broke past $1,800. 

• According to a senior US official, President Trump and Vice President JD Vance signed an electronic version of a memorandum of understanding (MOU) with Iran yesterday. 
• Speaking to reporters at the Group of Seven (G7) summit in France, Trump claimed that the Hormuz Strait was open for all traffic — “We have a lot of lanes right now already”. 
• One of the sticking points during negotiations between the US and Iran has been the proxy conflict between Israel and Lebanon; Iran has continued to demand that any peace deal that ends the conflict with the US must also include Israel’s withdrawal from Lebanon.
• President Trump downplayed that issue when talking to reporters stating “We do want to see if we can straighten out the Lebanon thing. Hezbollah, we have to have a little talk with them.”
• The US president also said that while the interim deal has been signed virtually, an official signing ceremony is scheduled for Friday with the full text of the agreement potentially released “sometime after Friday.”

• In its policy meeting earlier today the Bank of Japan raised its benchmark interest rate by 25bps to 1%, the highest level since 1995. 
• The Japanese yen, which has been depreciating against the US dollar since April 2025 even as the BOJ has gradually increased borrowing costs, fell slightly further after the BoJ’s meeting, while JGB bond yields rose across the curve. 
• The BOJ’s decision kicks off a week which will also see the first Fed meeting under Chair Kevin Warsh, as well as the Bank of England’s monetary policy meeting. Markets currently expect a pause in both meetings. 
• Fed funds futures are currently pricing a 75.4% probability of a quarter-point rate hike from the Fed by December 2026, down from a 100% chance only two weeks ago.

DeFi / Web3 / Altcoins / Crypto3

• Michael Saylor outlined a “Modern Digital Asset Stack”on X, that frames Bitcoin as Digital Capital and argues that credit, money, yield and equity products can be built on top of BTC without changing Bitcoin’s protocol.
• Saylor described STRC-style securities as “Digital Credit,” stable-value yield-bearing products as “Digital Money,” levered or structured income products as “Digital Yield,” and MSTR-style common equity as “Digital Equity,” with each layer designed for investors seeking different risk and return profiles.
• He argued that Bitcoin-backed capital markets could create stable-value, yield-bearing digital dollar products by combining Bitcoin-backed credit with fiat cash equivalents, while preserving Bitcoin’s fixed supply and avoiding staking, inflation or protocol changes.

• French bitcoin treasury firm Capital B is preparing to launch a digital credit instrument for European investors, modelled on Strategy’s STRC and Strive’s SATA, announced at a speech at BTC Prague.
• The Paris-listed company plans to use its bitcoin treasury as the underlying asset for a yield-focused product designed around Europe’s regulatory and tax environment. Capital B currently holds 3,139 BTC and aims to reach 15,000 BTC by the end of 2027.
• Board director Alexandre Laizet said the instrument could target double-digit yields while keeping volatility below double digits, arguing that bitcoin treasury companies can support such products through the long-term appreciation of their BTC holdings.
• The structure still carries material risks, including bitcoin price declines, custody, execution, and counterparty risk. 
• No launch timeline has been confirmed.

• Spot HYPE ETFs have seen strong early demand, with cumulative trading volume across three products nearing $900M roughly one month after launch.
• The products, offered by 21Shares, Bitwise, and Grayscale, have attracted around $153M in cumulative net inflows since launch.
• Demand for HYPE is supported by Hyperliquid’s token mechanics, with most trading fees directed to an Assistance Fund that buys back the token. 
• The ETFs also hold HYPE directly and pass staking rewards to investors, currently at around 2.25% annually.

• The SpaceX IPO triggered a sharp surge in Hyperliquid’s stock-linked perp markets, with the SPCX HIP-3 contract recording $1.4B in trading volume on debut day.
• SPCX accounted for around 30% of all HIP-3 volume during the session, a major jump from its pre-IPO average of roughly $26M per day. 
• More broadly, stock-linked HIP-3 markets have generated over $18.8B in volume so far in June, significantly outpacing crude oil and Brent perps.

• Forward Industries, the largest Solana digital asset treasury firm with more than 7M SOL on its balance sheet, said it is seeking to acquire smaller SOL treasury companies through all-stock deals, including proposals for Solana Company and SkyAI.
• Forward offered Solana Company shareholders 0.386 newly issued Forward shares for each HSDT share, valuing HSDT at $1.63 per share, or roughly a 10% premium to its recent trading price, while SkyAI shareholders were offered a similar all-stock deal at a 20% premium, but Solana Company rejected the initial offer while SkyAI did not respond, following a separate rejected bid for Solmate last week.
• Forward CIO Ryan Navi said the firm sees opportunities to “play offense” while other SOL treasury companies trade at discounts to net asset value, with the six tracked SOL DATs trading between 0.34 and 0.76 mNAV as Solana trades around $76, below the above-$200 levels where many treasuries acquired their tokens.

• Bitmine Immersion Technologies, the largest public Ethereum treasury company, said its holdings reached 5.62M ETH, equal to 4.66% of the total ETH supply, after acquiring 76,881 ETH over the past week.
• The company reported $10.4B in crypto, cash, marketable securities and “moonshot” holdings, including 204 BTC, $502M in cash and marketable securities, a $180M stake in Beast Industries and an $88M stake in Eightco Holdings.
• Bitmine said 4.72M ETH, or more than 83% of its ETH holdings, are staked, with projected annualized staking revenues of about $226M, while its 9.50% Series A Perpetual Preferred Stock is expected to begin trading on the NYSE under BMNP on June 16.

• TON blockchain’s native token, Toncoin ($TON) has been rebranded to $GRAM, with a new name, ticker and logo. The TON blockchain and network remain unchanged.
• All TON holdings convert 1:1 to GRAM automatically, with no swap, migration or action required from holders.

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