SpaceX Appetite Among Crypto Retail Investors Bigger Than Expected, Says Top Analyst—Points To Billions In Derivatives Traded On Binance
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Influential analyst Ali Martinez spotlighted on Saturday the strong demand for Space Exploration Technologies Corp. (NASDAQ:SPCX) among cryptocurrency investors.
‘Demand Was Always There’
In an X post, Martinez said that the “appetite” for the newly listed space giant is “bigger” than what they expected.
The analyst cited CoinMarketCap data showing billions traded in SpaceX-linked cryptocurrency products across the market since the stock's debut on Wall Street.
In the past 24 hours, approximately $11.9 billion in SpaceX derivatives were traded on cryptocurrency exchanges, of which Binance (CRYPTO: BNB) accounted for 26%.
“For years, retail investors had almost no way to get exposure to companies like SpaceX,” Martinex noted. “The volume we're seeing suggests the demand was always there. It just lacked a market.”
Crypto Bros Get A Slice Of SpaceX
Tokenized versions of the stock became available on blockchains such as Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) as soon as the company listed publicly.
SPCXon, the blockchain version of SpaceX, was one of the top-performing tokens on the Ondo Finance (CRYPTO: ONDO) platform over the last 24 hours.
Perpetual futures have also been launched to allow eligible traders to speculate on SpaceX's implied valuation and projected share price. These products were made available by cryptocurrency exchanges, including Coinbase, Binance, and Hyperliquid (CRYPTO: HYPE).
Price Action: SpaceX stock was up 3.49% in after-hours trading after closing 19.60% higher at $192.50 during Monday’s regular trading session.
The SPCX stock exhibited a stronger price trend across short-, medium-, and long-term horizons, according to Benzinga’s Edge Stock Rankings.
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