Crypto traders are optimistic about SpaceX's IPO, with perpetual futures trading at approximately $162, which is 20% above the fixed IPO price of $135 but down from earlier highs of over $220. The demand for shares is reportedly four times oversubscribed, indicating strong investor interest.
However, Eric Chen, co-founder and CEO of Injective Labs, notes that while there is interest, it is not overwhelmingly bullish, suggesting that the actual market reaction could vary once trading begins.
The decline in perpetual futures prices aligns with a broader downturn in cryptocurrency values, with Bitcoin and ether down 20% and 23%, respectively, since the launch of the perpetual futures on May 18. Perpetual futures, which allow for speculation on asset prices without expiration, are a popular trading method in the crypto market, making up over 70% of trading volume on centralized exchanges