# SpaceX Trading Pours Onto Hyperliquid and Drives HYPE to a Record $76.50

> Hyperliquid's HYPE token hit an all-time high of $76.50 as round-the-clock SpaceX trading flooded its SPCX perp, while Strategy stacked more Bitcoin and cash and exchange volumes slid to a multi-year low.

**Type:** article · **Category:** Business · **Published:** 2026-06-16 · **Source:** TrendKia
**Canonical:** https://trendkia.com/en/business/spacex-ki-tredinga-hyperliquid-para-umari-hype-ne-chhua-76-50-ka-rikorda-stara-1292 · **Language:** English
**Tags:** HYPE token, Hyperliquid, SpaceX SPCX perp, Strategy Bitcoin, Michael Saylor MSTR, real world asset perps, crypto market roundup

## HYPE Prints a Fresh Record as SpaceX Trading Floods Hyperliquid
Hyperliquid's HYPE token punched through to a new all-time high of $76.50 overnight, gaining 12% on the day and dragging the rest of the crypto majors up with it.

The catalyst, oddly enough, was SpaceX. With Nasdaq shut, the after-hours price discovery for the year's biggest IPO migrated onto Hyperliquid's round-the-clock SPCX perp. That contract churned through roughly $1.1 billion in volume and rose about 23% to land near $209, after spiking as high as $230 during the night. At those levels the tokenized SpaceX market became the third-largest on the entire platform, trailing only Bitcoin and Ether while sitting ahead of Solana and even HYPE's own order book.

The appetite for HYPE was not confined to onchain venues. HYPE ETFs changed hands to the tune of about $17 million, their second-busiest session ever, a sign that traditional finance is also hunting for a way in. As pre-IPO names and real-world-asset perps drag more activity onchain, Hyperliquid is the venue soaking up that flow, and HYPE has become the most direct way to own a slice of it. The market is repricing the token almost in real time.

## Strategy Keeps Buying Bitcoin While Rebuilding Its Cash Pile
Strategy added another 1,587 BTC for roughly $100 million last week, paying an average of $63,024 per coin. In parallel it topped up its USD reserve by $100 million, taking it to $1.1 billion. That marks the second week running that the company has rebuilt the cash cushion. Both moves were bankrolled by selling about $209 million of MSTR stock through its at-the-market program.

This is the second week of a meaningful change in how Michael Saylor operates. The reserve is the pool he set aside to cover dividends on Strategy's preferred shares and interest on its debt, with around $1.7 billion falling due over the coming 12 months. He is rebuilding it after the firm unexpectedly spent $900 million last month retiring its 2029 convertible notes. JPMorgan had warned that the reserve covered only about six months of dividend payments and said Strategy needed to restore it to keep investors comfortable. Saylor is now doing both jobs at once, accumulating Bitcoin and accumulating dollars, funding all of it by selling MSTR shares through the ATM. Shareholders appear unbothered, with the stock climbing 6% on Monday.

Step back and the contrast is clear. Saylor's original strategy was simple, raise money and buy Bitcoin. The current version is far more defensive, balancing fresh Bitcoin purchases against a growing war chest of cash needed to service mounting debt obligations. He remains exceptionally good at raising capital, but the debt is likely to keep climbing over time, especially as he sells more STRC, his newest tool for funding additional BTC purchases. Keeping that balance steady will be delicate for a while yet. So far he is managing it well, and these latest cash raises should ease recent market jitters about his selling of BTC and his early repayment of the 2029 debt.

## Hyperliquid Loses Its OpenAI and Anthropic Markets
Ventuals, one of the teams that built real-world-asset perpetuals on Hyperliquid, is winding down its markets and merging into another project within the ecosystem.

That brings an end to the OpenAI and Anthropic perps it operated, contracts that let traders take positions on the valuations of the two largest private AI companies. Both have now been halted and settled on Hyperliquid.

Because Ventuals is consolidating rather than simply walking away, the markets may yet return. TradeXYZ, the market-share leader for RWA perps on Hyperliquid, could also choose to relaunch them. If nobody does, it would put a genuine dent in Hyperliquid's pre-IPO pitch. Still, with SPCX trading billions and grabbing national and even global attention, a fix for these pre-IPO markets seems likely to arrive before long.

## Exchange Volumes Sink to a Multi-Year Low
Combined centralized exchange (CEX) volume slipped 3.45% in May to $4.41 trillion, the lowest reading since September 2024 and the fourth consecutive monthly fall, according to TrendKia data. Spot trading bore the brunt, dropping to $963 billion, its weakest month since October 2023. Part of the slide tracks the wider crypto pullback and the fact that AI stocks have been soaking up the attention crypto used to command.

Yet money has not left, it is simply moving differently. Real-world-asset perpetuals, the contracts tied to tokenized stocks and private firms such as pre-IPO SpaceX, jumped 10.4% to a record $211 billion, while DEX futures rose for the first time in seven months. Traders walked away from spot even as RWA perps and DEX volumes climbed.

The knock-on effects for crypto are several. Rising interest in RWAs and equities pulls attention away from crypto tokens, something the price action and volume figures make obvious. The flip side is that with this capital already onchain, it can rotate back quickly whenever the crypto trade reheats. The other big shift is the migration from spot into perps and what that does to the way tokens move. It showed up clearly in the ZEC exploit and 60% crash just two weeks ago. When ZEC fell, several other recent alt movers fell with it despite having no direct link. They were connected only in that a cohort of traders had been longing them on Hyperliquid right after losing money on ZEC, which forced those traders into broader derisking. Expect more of these coordinated swings up and down across "hot alts" and crowded trades, with other consequences likely to surface over time. It is a situation worth watching.

## Where the Majors Stand
The majors are back in the green with HYPE out front. Bitcoin is flat at $66.4k, Ether is up 2% at $1,796, Solana is up 3% at $74.50, and HYPE is up 11% at $75.10. Among the leaders, JTO surged 33%, while XLM, UNI and AERO gained 12%, 12% and 13% respectively, and WLD added 6%. In commodities, oil fell 3% to $78 while gold held flat at $4,368. Stock futures were flat after a blockbuster Monday, though SPCX was up 10% in the premarket.

## Other Moves Across the Market
Standard Chartered began coverage of Uniswap with a $100 UNI price target for 2030, an implied upside of roughly 40x, on a bet that the DEX will sit at the heart of Wall Street's shift onchain. Kraken launched crypto perpetual futures for US traders, bringing onshore a product that had long been restricted to offshore platforms. And in a cautionary tale, crypto users pledged $560 million for tokenized SpaceX shares but received no allocation at all after the platform behind the offering failed to secure the underlying stock.

## Corporate Treasuries and ETFs
The Bitcoin ETFs recorded $65 million in net outflows on Monday, while the ETH ETFs took in $22.5 million. The HYPE ETFs pulled in $17 million in net inflows, their second-biggest day. Elsewhere, BitMine bought $139 million of Ethereum and wrapped up a preferred share offering. Forward Industries, the largest publicly traded Solana treasury company, saw its takeover bids rejected by rival SOL accumulators The Solana Company and Brera Holdings.

## Memecoins and Onchain Movers
Meme leaders were mixed. DOGE slipped 2%, SHIB 1% and BONK 1%, TRUMP dropped 4%, while PEPE rose 1%, PENGU 2%, FARTCOIN 4% and SPX 10%. On Solana, Merlin doubled with a 100% gain, SPCX69 climbed 54% and NEST added 32%. On Base, the standouts were SUP at 30%, Velvet at 17% and Ski at 10%.

## Tokens, Airdrops, Prediction Markets and NFTs
A Polymarket trader lost $1 million after betting Spain would win the World Cup, only to be undone by a stunning upset. On the opposite side of that wager, someone who bought "No" at 9 cents walked away with $4.3 million. Prediction markets are clearly booming, with Kalshi's first week of World Cup trading setting a record at $5.1 billion in volume. On the infrastructure side, Lighter rolled out advanced TWAP orders featuring randomization, adjustable slice frequency and other controls.

NFT blue chips were mixed as ETH rallied 10%. CryptoPunks eased 2% to 32.7 ETH, Bored Apes ticked up 1% to 9.18 ETH and Pudgy Penguins added 1% to 4.75 ETH, while Hypurr's slipped 3% to 265 HYPE. Metavixens led the movers with a 50% jump and Axie rose 33%. In a notable retreat, Pudgy Penguins shut down Pudgy Party, its mobile battle royale game, less than a year after it launched, with the team redirecting its energy toward the Pudgy World experience.

## What this means for you
**What this means for crypto investors and traders:**

- HYPE's jump to $76.50 was driven largely by SpaceX trading volume, so the token's price could swing sharply if that pre-IPO activity moves elsewhere.
- The shutdown of the OpenAI and Anthropic perps means traders can no longer bet on those private AI valuations on Hyperliquid for now.
- With spot volumes at multi-year lows and trading shifting to perps, expect "hot alts" to move together more often, raising the risk of sudden group selloffs like the recent ZEC crash.

## Questions & Answers

### 1. Why did HYPE hit a record high?
SpaceX's after-hours trading ran on Hyperliquid's SPCX perp, which did roughly $1.1 billion in volume, and HYPE became the most direct way to own that flow, pushing it up 12% to $76.50.

### 2. How much Bitcoin did Strategy buy last week?
The company bought 1,587 BTC for about $100 million, at an average price of $63,024 per coin.

### 3. What was the impact of Ventuals shutting down?
It ended the OpenAI and Anthropic perps, which let traders bet on the valuations of the two biggest private AI companies; both contracts were halted and settled on Hyperliquid.

### 4. How far did CEX volumes fall in May?
They dropped 3.45% to $4.41 trillion, the lowest level since September 2024 and the fourth straight monthly decline.

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