This week in East 8 Time, multiple news stories surrounding Elon Musk's business empire are simultaneously brewing: SpaceX is reported to be preparing for the largest IPO in history. Although the source of this news comes from a single channel, it has already sparked imagination on Wall Street; Tesla officially announces that its humanoid robot will enter the sales phase, adding more weight to its AI narrative; concurrently, there are reports of suspected insider trading related to the DONT token from DeFi Technologies, which recorded approximately 276 times returns in a very short time, as well as the Thai SEC announcing a three-year strategic plan for crypto assets, attempting to be the first in Asia to install "guardrails" for the crypto market. On one side, there is the traditional capital's frenzied pursuit of Musk's tech narrative, backed by a complete regulatory framework, while on the other side, there is the crypto reality where Meme tokens experience massive wealth creation in a regulatory vacuum, leaving retail investors powerless to compete. The real question is surfacing: where will the next phase of incremental funds be bet between space exploration, AI robots, and high-risk crypto assets like Bitcoin?

Super IPO Warm-Up: Wall Street Bets on Regulated Space Dreams

● The rumor of the "largest IPO in history" from a single source has become a market sentiment amplifier. According to the briefing, the current claims about SpaceX preparing for the largest IPO in history mainly come from a single source, and have not yet received formal confirmation from the company or regulators, nor is there any timeline or valuation disclosure. Even so, labels like "largest scale" and "space economy" are enough to ignite Wall Street's storytelling preference, with the primary market and Pre-IPO funds already beginning to reposition around potential opportunities.

● The mentioned Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley carry symbolic significance far beyond specific underwriting roles. These four major investment banks are not only the pricing centers of traditional capital markets but also the "flow entry points" for global institutional funds. Their collective participation means that SpaceX will be packaged as a compliant, valuably assessable, and narratively compelling super asset. For sovereign funds, pension funds, and insurance capital, such products combine technological imagination with regulatory safety, contrasting sharply with the currently ambiguous regulatory landscape of crypto assets.

● Once the potential super IPO is officially launched, it will inevitably create a siphoning effect on global risk appetite and liquidity. High-net-worth clients and institutions have limited "risk budgets," and faced with the narrative combination of space exploration + Musk + the four major Wall Street banks, some funds that would have flowed into high-volatility crypto assets are likely to be reallocated to SpaceX and its related tech assets. Especially for altcoins and Meme tokens that have not yet been fully institutionalized, their ability to withstand pressure will significantly decrease under the forced diversion of risk appetite by tech unicorns, and price elasticity may become more pronounced.

Tesla Robot Launching Soon: The Spillover Effect of AI Capital Stories

● Tesla's announcement of humanoid robots entering the sales plan is a key step in its transition from an electric vehicle company to an "AI and robotics platform." The briefing indicates that this move did not disclose specific pricing and parameter details, but the market does not require much technical information to begin pricing at the capital level: from autonomous driving to robotics, Musk is leveraging a combination of "AI + hardware" to transfer the valuation premium that originally belonged to pure software companies onto enterprises with large-scale manufacturing capabilities.

● At the World Economic Forum, Musk signaled that "AI chip production will soon exceed actual usage," suggesting that AI infrastructure is shifting from extreme scarcity to potential surplus. The impact of this statement on sentiment lies in the fact that the previous AI boom was almost entirely built on the story of "computing power scarcity." Now, as chip production begins to far exceed actual demand, the narrative focus will inevitably shift from "shortage premium" to "application landing," and capital will favor robots, terminal devices, and scenario companies that can directly monetize.

● This migration quickly spreads to the on-chain world, with the AI concept token sector amplifying its story by leveraging this momentum. The craze for AI hardware and robotics provides a "real-world anchor" for related tokens, making it easier for project teams to attract short-term funds with narratives like "computing power leasing," "AI agents," and "robot economy." The result is that funds are rapidly rotating between AI chip stocks, robotics-themed stocks, and AI concept tokens, forming a highly story-driven speculative model: the fundamentals have yet to materialize, but prices have already undergone several rounds of speculation, significantly increasing volatility.

DONT Insider Trading 276 Times: Crypto Frenzy in a Regulatory Vacuum

● The briefing shows that the suspected insider trading of the DONT token related to DeFi Technologies recorded approximately 276 times returns in a very short time, also coming from a single source of information, but its dramatic nature is enough to cause a huge echo in the market. Small amounts of capital positioned at low levels, followed by the announcement of favorable news and market chasing, completed hundreds of times increases. This classic "script" repeatedly plays out in the world of Meme coins, yet there is almost no effective accountability or information restoration mechanism.

● As an anonymous analyst stated, "The DONT trading incident exposes the regulatory loopholes in the Meme coin market," the real issue is not the rise and fall of a single coin, but the structural imbalance under the absence of rules. A small portion of capital that possesses information and on-chain operational skills can ambush before the news, using retail investors' amplified FOMO emotions to achieve massive arbitrage; while ordinary investors can only buy at high levels and speculate afterward, most cannot even verify the facts of the event, let alone seek legal remedies.

● In stark contrast, traditional capital markets have rigid requirements for SpaceX and Tesla assets regarding information disclosure and insider trading. Even though SpaceX is not yet publicly listed, its equity transfers and potential IPO preparations must operate within the existing regulatory framework, with underwriters, auditing firms, and legal teams providing multiple layers of scrutiny. The crypto field has long been in a gray area: there are no unified prospectus standards, no mandatory disclosure obligations, and a lack of cross-border collaborative law enforcement. The DONT incident is just the tip of the iceberg, highlighting the significant gaps in the crypto market regarding "fair trading" and "accountability."

Thailand SEC's Three-Year Plan: From Crypto Testing Ground to Regulatory Beacon

● Against this backdrop, the Thai SEC has released a three-year strategic plan for crypto assets, seen as an important "testing ground" for exploring crypto regulation in Asia. According to the briefing, the core of this strategy is to clarify the positioning of crypto assets within the national financial system, attempting to find a balance between encouraging innovation and preventing systemic risks. Thailand itself is not the main battlefield for global funds, but due to its open attitude and policy flexibility, it has become a window to observe how emerging markets "accept and constrain" crypto assets.

● Among the most watched aspects is the planned crypto ETF framework in Thailand, viewed as a potential regional model, but currently, specific terms have not been disclosed, and the outside world cannot know any details. This also means that any speculation about fee structures, target ranges, leverage limits, etc., lacks a basis and can only remain at a macro-level significance judgment: once such ETFs are truly launched, they will provide compliant channels for local and regional funds to enter crypto assets, moving some "casino-style" trading onto institutionalized tracks with custody and auditing.

● Comparing Thailand's gradual regulatory approach with the friendly attitude of the U.S. capital market towards tech unicorns like SpaceX, we can see a differentiated global regulatory landscape. Tech unicorns in the U.S. enjoy a highly developed capital formation mechanism and clear legal boundaries; while crypto assets must navigate through more fragmented and conservative regulatory explorations. Thailand's actions represent a local correction to this imbalance and signal to global capital: there may be a future path "from complete lack of regulation to ETF-like frameworks."

Bitcoin Less Than Gold: Risk Aversion Rearranges Asset Priorities

● Briefing data shows that the current BTC/gold ratio is approximately 18.46, down about 55% from its historical peak, which serves as a direct annotation of the market's shift in sentiment. Bitcoin was once viewed by some investors as "digital gold," gaining excess returns during periods of extreme monetary easing due to its high elasticity; now, it is significantly underperforming compared to physical gold, indicating that funds are reassessing its risk attributes: it may still possess long-term growth potential, but in the short-term risk aversion ranking, gold is regaining its voice.

● When we place this declining ratio within a larger asset spectrum, the context becomes clearer: funds are reordering between "space exploration (SpaceX) — AI robots (Tesla) — high-volatility crypto assets — traditional safe havens (gold)." When macro uncertainty rises, gold and high-rated bonds are the first to be increased; when sentiment improves and the IPO window opens, tech assets with rich narratives and clear regulations attract incremental allocations; crypto assets, especially non-mainstream coins, are forced to compete within the remaining risk budget, with volatility further amplified.

● For institutional funds, this reordering is also reflected in product-level choices. On one end are potential SpaceX IPOs and leading tech stocks like Tesla; on the other end are various crypto ETF products that already exist or are in the works, together forming a new paradigm of "compliant risk assets." The former offers a narrative of rapid growth and a more mature regulatory environment, while the latter gradually pulls assets like Bitcoin from being "pure speculative products" to "assets that can be managed in a portfolio," with funds making refined risk gradient adjustments between them, rather than a simple "tech vs crypto" binary choice.

The Tug of War Between Tech and Crypto: Funds Swing Between Regulation and Imagination

The rumors of SpaceX's super IPO, the accelerated rollout of Tesla's robots, the 276 times returns from suspected insider trading of DONT, and the Thai SEC's three-year crypto plan—these four seemingly disparate clues actually outline the same game: how regulatory order, technological fantasy, and profit-seeking capital are being repositioned in the global market. On one side is the tech narrative embraced by Wall Street and various regulators; on the other side is the crypto investment field still mired in insider operations, regulatory vacuums, and extreme volatility.

For the foreseeable future, Wall Street is more likely to prioritize betting on "narrative-driven, regulated" tech assets—space unicorns like SpaceX and the AI and robotics matrix built by Tesla—rather than on Meme coins and long-tail tokens that lack institutional frameworks and are difficult to value. For institutions, assets with clear regulations and comprehensive information disclosure, even if temporarily overvalued, provide a greater sense of "professional security" than gray assets that could be held accountable or collapse at any moment.

However, if global regulation gradually advances along the path of ETF-like and framework-based approaches like Thailand's, the narrative of the crypto market may shift from "barbaric speculation" to "institutional games." Once core assets like Bitcoin are truly embedded in the traditional financial system through mechanisms like ETFs, custody, and auditing, the choice for funds will no longer be "whether to allocate to crypto," but "how to rebalance between space, AI, gold, and crypto." At that point, the tug of war between tech and crypto may evolve from extreme emotional swings to rational adjustments on the asset allocation table.

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