This always happens before a generational IPO.
All risk, big and small, gets sold into dry powder to get allocation in SpaceX (in this instance).

Twitter

Author: Gino Matos
Compiled by: TechFlow TechFlow
TechFlow Dive: The HYPE ETF attracted $161 million in its first month, with virtually zero redemptions. This isn't just another Altcoin hype—investors are buying into the cash flow of Hyperliquid, the on-chain exchange: $240 billion in monthly trading volume, nearly $900 million in annualized revenue, and 99% of transaction fees used to buy back tokens. For investors and industry professionals, this marks a shift in the crypto asset narrative from a "technical concept" to an "auditable business model," and also signifies that traditional finance is truly beginning to integrate blockchain technology...

Wall Street poured $160 million into the HYPE ETF in a month, betting on on-chain exchanges rather than Altcoin.

President Donald Trump declared a deal with Iran complete on Sunday, immediately authorizing the toll-free reopening of the Strait of Hormuz and the removal of the U.S. naval blockade.
Key Takeaways:
...

Trump Declares Iran Deal Done, Reopens Strait of Hormuz — Bitcoin Climbs Past $65K

Several major Token will unlock significant supply next week, with SPK having the highest unlock rate. Token Unlocks recorded the unlock of ZRO, SPK, ARB, KAITO, and YZY taking place from June 16th to 20th...