A bit pessimistic—U.S. stocks are squeezing the crypto market share more and more. Data: SpaceX has become the second-ranked product by trading volume on Binance, accounting for over 60% of the share across CEX and DEX platforms. Just think about Binance's total trading volume. A couple of days ago, I posted a tweet about arbitrage opportunities with Binance's U.S. stock offerings, and everyone seemed pretty interested. Mainly because their bStocks tokenized product allows zero-fee 1:1 stock conversions. SpaceX's IPO is actually a great observation window. I think this also highlights a future trend: major market events are increasingly happening through crypto infrastructure. (Within 24 hours of SpaceX's IPO, Binance traded over $5.6 billion in SpaceX perpetual contracts, dominating the trading platforms.) Personally, I participated in SpaceX's IPO on Binance (this hands-on experience gave me the above insights). Of course, I didn’t get any shares in the end, but Binance compensated me with $37 worth of SpaceX stock, which was pretty nice. (They distributed a total of $1 million worth of stock tokens to all eligible participants.)