A new wave of pre IPO crypto exposure is driving market attention as SpaceX synthetic futures launch on Hyperliquid through the HIP 3 framework. The contract lets traders speculate on SpaceX valuation before public listing and quickly saw strong demand, pushing prices higher within hours of launch.

At the same time, on chain data shows a wallet linked to Andreessen Horowitz accumulating millions in $HYPE , signaling growing institutional confidence in the ecosystem and its emerging derivatives market.