I find it very interesting that SPCX's transaction volume on Binance's main site exceeded DOGE's. In fact, the trading of US stock contracts has surpassed cryptocurrency trading for a long time (see Figure 1) Too long without looking at the version: This is not simply 'SpaceX has a lot of traffic'. But the market has found that SPCX may now be one of the few that possesses both Musk's traffic, IPO anchor price, overall low flow, Gamma support, and assets that unlock pre game space. ———————— Why does the market pay attention to SpaceX? Because it is not an ordinary concept. Behind it are SpaceX, Starlink, rocket launch, satellite Internet, national defense and aerospace, AI data transmission portal, and Musk, the natural traffic source. These things are stacked together, making SPCX easily a super trading target in the market. More importantly, SPCX has a very important price anchor. At which price it completes its IPO, the market will naturally use that position as a reference range. Once the price returns to these places, natural buying is likely to occur. ———————— This is different from many cryptocurrencies. Crypto has fallen, and everyone can only ask 'Is the emotion still there?'. But when SPCX falls, the market will ask: Is this price close to the IPO cost zone? Is there anyone willing to take over this position again? I saw the SPCX accumulate the most negative gamma around $150 a long time ago. (Binance Live Room has reminded multiple times) This means that when the price drops to around 150, the further downward space may actually be limited. Because market making and option structure will make this position an important game zone. ———————— In addition, there are relatively few circulating stocks at present, and it will take more than a month to truly unlock large amounts. So now SPCX has essentially formed a PVP environment that is very suitable for trading: The circulation disk is not large, the story is strong enough, the price anchor is clear enough, and the volatility is large enough. That's also why it can rise against the trend and even surpass cryptocurrency in trading volume when the overall market is declining. Encryption users actually understand this structure the most. What everyone trades is not a 'long-term bullish' statement, but liquidity, chips, price anchors, unlocking pace, and counterparty positions. These things used to happen more in the cryptocurrency market. But now, assets like SPCX combine the relative fairness of the US stock market, real company narratives, Musk traffic, and familiar PVP games with crypto users. So I think it's not accidental that SPCX's transaction volume exceeds that of cryptocurrency. It indicates that funds are shifting from pure emotions to super assets with stronger narratives, clearer chip structures, and easier consensus formation. This is also an inevitable strategic adjustment in the cryptocurrency market. SpaceX itself is one of the strongest unlisted companies in the world. SPCX allows ordinary users to participate more directly in the trading of such assets for the first time. This is the real reason why it can attract the attention of the cryptocurrency market. @binancezh @heyibinance @pearbinance