Publications
Research posts, product explainers, and market updates.
Crypto exchanges traded $211 billion of stocks in a week. Four fifths was semiconductors
The record week came in the middle of a memory crash: Sandisk fell 56% from its June high while volume set records, and the exchanges now run perpetuals on the 2x leveraged ETFs of the same names.
Five memory names are 57% of crypto's equity-perp volume
Sandisk, Micron, the DRAM ETF, and the Seoul listings of SK Hynix and Samsung took over crypto's perp tape from SpaceX. Then a record Nasdaq listing gave SK Hynix a second price.
Binance's bStocks cleared $108 million in a day, 20 days after launch
The 20-day-old token line already carries about 61% of tokenized-stock volume on the exchanges we track. Where the flow sits, who approved the certificates, and what a bStock holder actually owns.
Where SpaceX is trading on crypto exchanges
The IPO-week spike has cooled, and SpaceX still clears about $2.5 billion a day in perpetuals. Where the volume sits, what broke at the IPO, and what each ticker actually delivers.