Key Facts

• Perpetual futures tied to SpaceX stock have become the sixth-largest in the world, with a notional open interest of $812 million, according to data from Laevitas, surpassing that of the leading privacy-focused token zcash (ZEC).
• The notional open interest in SpaceX perpetual futures is heavily concentrated on a few exchanges, with Hyperliquid holding the largest share at $333.2 million, accounting for 41% of total SPCX open interest, and Binance following closely with $291.33 million.
• Glassnode's Altcoin Cycle Signal has climbed to 86, indicating that altcoins are outperforming bitcoin, but this is not due to altcoins rallying, rather bitcoin is falling faster than they are, with bitcoin sliding back toward $63,600.
• The current "altcoin season" signal does not signify a typical rally in altcoins but rather a bearish scenario for the market as a whole, where relative strength in altcoins is not driven by their own gains but by bitcoin's weakness.
• Combined exchange volumes fell 3.45% to $4.41T in May, the lowest since September 2024, while RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.