Morning Minute: HYPE rises to ATH as SPCX takes off

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Today’s most important news:

• Major crypto companies continue to rise with HYPE leading the way; Bitcoin at $66.4 thousand
• HYPE hits new ATH at $76.50 after SPCX sees post-market price discovery and $1.1B volume
• Ventuals closes shop on Hyperliquid, removes human and OpenAI violations
• Saylor bought another $100 million in Bitcoin, raising another $100 million in cash in the second week of the 50/50 rollout.
• CEX trading volumes hit two-year lows as DEX and Perps trading volumes rise

🚀 HYPE reaches record high with SpaceX volume flow to Hyperliquid

Hyperliquid’s HYPE token hit a new all-time high of $76.50 overnight, up 12% on the day.

The driver appears to be SpaceX. With the Nasdaq closed, after-hours prices were discovered for the year’s largest IPO on Hyperliquid’s 24/7 SPCX perp, which generated about $1.1 billion in volume and was up nearly 23% to about $209 (rising to $230 last night). This made the SpaceX token contract the third largest market on the entire platform, behind only Bitcoin and Ether, and ahead of Solana and even HYPE’s own book.

HYPE demand is not limited to the series only. HYPE ETFs traded around $17 million, their second-biggest day ever, and a sign that TradFi is reaching exposure as well. As pre-IPO and real-world assets pull on-chain activity, Hyperliquid is where it seizes it, and HYPE is the cleanest way to own that flow. The market realizes this and re-rates HYPE in real time…

₿The strategy buys more Bitcoin and boosts its cash reserves

strategy Bought another 1,587 Bitcoin Compared to about $100 million last week, an average of $63,024. Meanwhile, its US dollar reserves increased by $100 million to $1.1 billion, the second week in a row that it has been rebuilding that cash cushion. Both moves were funded by the sale of approximately $209 million of MSTR stock through its market platform.

This is the second week of a notable shift in implementation. The reserve is the pile Saylor set aside to cover Strategy’s preferred stock dividends and interest on its debt (about $1.7 billion due over the next 12 months), and he’s rebuilding it after the company unexpectedly used $900 million to pay off 2029 convertible debt last month. JPMorgan noted that the reserve covers only about six months of dividends, and said the strategy needs to restore it to reassure investors. So Saylor is now doing both at once, hoarding Bitcoin and accumulating dollars, and he does so by selling MSTR shares through his ATM software. MSTR shareholders don’t seem to mind, as the stock rose 6% on Monday.

More to the point, Saylor’s old playbook was simple: raise capital and buy out Bitcoin. The new method is more defensive, as it incentivizes the purchase of Bitcoin while increasing the cash stock to manage ever-increasing debt payments. The good news is that it’s still very good at raising capital. The bad news – the debt will likely increase over time and as they sell more STRC (the shiny new lever way to buy more Bitcoin). This will be a delicate balance for the foreseeable future. But to Saylor’s credit, he’s managing the balance well so far, and these recent cash increases should allay recent market concerns about his recent actions (selling Bitcoin, paying off 2029 debt). Maybe this latest round of Saylor chaos will mark the bottom again…

🤖 Hyperliquid is losing its human and OpenAI markets as outlets close

Ventuals, one of the teams that built real-world perpetual assets on Hyperliquid, Its markets are closed And folding into another project in the ecosystem.

This winds down the operations of OpenAI and Anthropic, which allowed traders to bet on the valuations of the two largest private AI companies. Contracts have been halted and settled on Hyperliquid.

Now, Ventuals is integrating into another team and not just giving up, so maybe there is a future here. Or maybe TradeXYZ (the market share leader for RWA perps on Hyperliquid) will stop these markets. If not, this could be a real impact on Hyperliquid’s pre-IPO offering.

But with SPCX doing billions of dollars in volume and attracting national (and even global) attention on Hyperliquid, imagine they will find a solution to support the pre-IPO markets in short order.

📉 Exchange volumes hit multi-year lows as RWA Perps hits record high

Combined cryptocurrency trading volume (CEX volume) fell 3.45% in May to $4.41 trillion, the lowest level since September 2024 and the fourth straight monthly decline, according to CoinDesk data.

Spot trading volumes took the biggest hit, falling to $963 billion, the weakest month since October 2023. The downtrend tracks the broader decline in cryptocurrencies and the fact that AI stocks have been hogging crypto attention. But there are other factors that play a role.

Real-world perpetual assets, contracts tied to token stocks and private companies (such as SpaceX before its IPO), jumped 10.4% to a record $211 billion, and DEX futures rose for the first time in seven months. So, even as traders abandoned the trade, RWA and DEX volume rose. The capital is still there, but it circulates differently than it did before.

As for the influence of cryptocurrencies, there are many of them. First, interest in RWAs and stocks is moving away from interest in cryptocurrency tokens. We see this clearly in price action and trading volumes. The good news is that with capital on-chain, it will be easy to rotate if and when crypto trading rises again. Another big impact factor is the migration from spot trading to criminals and what that means for how tokens are traded. This was evident in the ZEC exploit and 60% crash just two weeks ago. When the ZEC index declined, so did several other alternative drivers that were not directly related. But it was related in that Hyperliquid was coveted by a group of traders who had just lost their capital trading ZEC, and so these traders had to do more extensive de-risking. This means we may see more up and down group moves in “hot options” and other consensus trades. There are many other effects as well, which are likely to occur over time. Definitely a situation worth following.

🌎 Total crypto and markets

• Major cryptocurrencies are back in the green with HYPE leading the way; BTC even at $66.4K; ETH +2% at $1,796; SOL +3% at $74.50; HYPE +11% at $75.10
• United Nations (+33%), XLM (+12%), UNI (+12%), and AERO (+13%) were the top movers; World level +6% as well
• oil -3% at $78; Gold is up at $4,368
• Stock futures It stabilized after a huge Monday, even though the SPCX rose 10% before it hit the market
• The noise Jumped 12% overnight to a new ATH of $76.50 on the back of SPCX increasing daily trading volume by $1B and seeing price discovery last night
• Standard Chartered Coverage on Uniswap began with a target of $100 by 2030which means an increase of approximately 40 times, which means that the DEX is at the center of Wall Street’s on-chain action
• Kraken Introducing cryptocurrency futures to US tradersWhich resulted in a product being offered for a long time limited to overseas platforms for US customers
• Crypto users It pledged $560 million to purchase SpaceX token shares But it did not receive any allocation, after the platform behind the offering was unable to secure the underlying stock.

Corporate Treasuries and ETFs

Meme Coin Tracker

• Meme leaders He was mixed; Doji -2%, Shape -1%, Pipe +1%, Bingo +2%, Trump -4%, Bonk -1%, SPX +10%, Vartcoin +4%
• Merlin (+100%), SPCX69 (+54%) and NEST (+32%) led the charge on Solana
• Prime movers Includes velvet (+17%), SUP (+30%), skiing (+10%)

📈 Countless numbers in the market today

💰 Token tracking, airdrop and protocol

🚚 What happens in NFTs?

• NFT leaders It was mixed with ETH jumping 10%; BANK -2% at 32.7 ETH, BAYC +1% at 9.18 ETH, Pudgy +1% at 4.75 ETH; Hypurr’s -3% at 265 HYPE
• Metafixes (+50%) and Axi (+33%) Leading top movers
• Obese penguins Shut down Pudgy Partya battle royale game on mobile, less than a year after launch, with the team redirecting focus to the Pudgy World experience.