On June 15th, the trading volume of the encrypted SPCX contract was equivalent to 10.3% of the daily trading volume of Nasdaq SpaceX. This is the first time that the cryptocurrency derivatives market has created a shadow market of this magnitude on a popular US stock. Among them, Binance's SPCXUSDT contract sold $3.2 billion in 24 hours on Hyperliquid http://Trade.xyz Contribute 1.1 billion. The tokenized SPCX issued by Backpack on Solana drove the daily transaction volume of the sector to exceed $100 million for the first time. These numbers indicate one thing: when top traditional assets emerge, encryption infrastructure is already capable of accommodating real, large-scale trading demands. On the chain, there was also something that only underwriters could do in the past. A few days before going public, the SPCX perpetual contract price continued to operate in the range of $130-160 and eventually converged around the Nasdaq issue price of $135. The on chain market independently completed price discovery before the IPO, and the results were basically consistent. In the past, this process occurred in the conference rooms of Goldman Sachs and Morgan Stanley, and now traders on Hyperliquid are also involved in pricing. SpaceX is offering $832 per share on Hiive during its private placement phase, limited to qualified investors (with annual income ≥ 200000 or net assets ≥ 1 million US dollars). The institutional design of the US private equity market determines the fastest stage of valuation jump for technology companies, with ordinary people having little involvement. Facebook went from a private placement of 30 billion yuan to an IPO of 100 billion yuan, and retail investors did not participate. Perpetual contracts and tokenized stocks have pried open this door for the first time. But after watching the excitement, we have to take a look at the situation of the cryptocurrency market itself. In the first week of June, the net outflow of US Bitcoin spot ETFs was $3.4 billion, the largest outflow since the listing of these products in 2024, led by BlackRock IBIT. Bitcoin has fallen about 20% since the beginning of the year, with a weekly drop of 15% in early June, around $63000. This is the most contradictory picture at present: the encryption infrastructure has just proven on SpaceX that it can achieve 10% of Nasdaq's volume, but the encryption assets are being neglected by the same group of users. Wall Street withdraws from BTC ETF and returns to AI stocks, while crypto users use on chain tools to chase SpaceX contracts. Two groups flocked to the same type of asset in the same week. On the day of its listing, an issue was also exposed. Bybit, Binance, and Bitget had originally planned to offer tokenized SpaceX stocks, but they collectively cancelled on the same day due to the inability to obtain enough real stocks. Synthetic perpetual contracts are not subject to this restriction as they do not touch real equity. Price transactions can be conducted on the chain, but when it comes to ownership, it is subject to traditional custody and supply systems. Token can represent price, but currently it cannot represent legal equity. The significance of the number 10.3% depends on how you define success. If the standard is to establish an asset system independent of traditional finance, then the fastest running stock in the hottest week of the cryptocurrency market was a US stock, which cannot be considered a victory. If the standard is to become the next generation of financial infrastructure, then obtaining a trading share of one tenth in the world's largest IPO is something that no traditional derivative platform has achieved. The next validation point is the IPOs of Anthropic and OpenAI. What will be the proportion on the chain at that time, and what will be the ceiling of this infrastructure.