Odaily’s editorial roundtable is described as an internal and informal column. It brings together immediate reactions from members of the Odaily editorial team on industry news, data, trending events and overlooked details. It also includes investment ideas and opportunity hypotheses that are still being tested, observations collected through conversations with industry participants, and materials that helped improve the team’s understanding, whether those materials came from inside or outside the newsroom.
The column is based on the editors’ real investment and observation experiences. It does not accept any form of commercial advertising and does not constitute investment advice. Its stated purpose is to broaden perspectives and supplement information sources rather than create consensus. Odaily also invites readers to join its community channels, including a Telegram group and its official X account, for discussion, questioning and casual exchange.
Recent trades: BTC dip buying, HOOD additions and prediction markets
One editor summarized their current state with the phrase “still learning after being bad at it.” They said their recent trading has become somewhat more frequent than it was earlier. On the crypto side, they bought a small amount during the recent decline, mainly BTC, but the entry area was generally high, around 6.2 to 6.6, so the position has produced little profit. On the U.S. equities side, they added a small amount of HOOD, with the reasoning already explained in an article published a few days earlier. They also said they have been playing World Cup-related markets on prediction platforms, while combining small, high-frequency copy trading with larger, lower-frequency active orders. A new tool is being tested, and the editor said the early experience has been good, but they will try it for several more days before recommending it.
The same editor also discussed the recent performance of HYPE. Although HYPE has been performing well, the editor said they increasingly believe that “the more expensive HYPE becomes, the more unfavorable it is for Hyperliquid.” The reasoning is tied to Hyperliquid’s earlier narrative around HIP-3: the most imaginative version of that story was a multi-asset trading ecosystem built around many custom markets. At present, however, trade.xyz is dominant among HIP-3 projects, while Felix and Ventuals have shut down one after another. Because building a custom market on HIP-3 requires a stake of 500,000 HYPE, which is worth more than $35 million at current prices, the editor argued that a high HYPE price has become an obstacle to the expansion of the HIP-3 blueprint.
In that editor’s view, the market once imagined a structure of “Hyperliquid plus countless custom markets.” The current situation looks closer to “Hyperliquid plus trade.xyz.” If the upper-layer market solidifies around a single player, trade.xyz, then both the ecosystem’s user reach and the market’s ability to imagine its future would be less aligned with earlier expectations.
Trading mindset after selling SK Hynix too early
Another editor introduced their section with the phrase “just sold SK Hynix too early.” Their reflection centered on the psychology of missed opportunities. They said the market is never short of opportunities, but calm capital and a stable mindset are always scarce. Capital markets continue to flow, and a market cycle does not end just because one opportunity has been missed. A short-term surging asset, a hot sector or a bottoming move missed today is only one of many opportunities in the market. In their view, investing does not require catching every move; it requires acting only on opportunities that fall within one’s own circle of understanding and within manageable risk.
The editor added that a review of past trading history reveals an interesting pattern: when looking backward, high-quality opportunities appear to have been everywhere. Looking at last year, last month or even only a few weeks ago, it becomes easy to identify which assets were at low levels, which sectors were about to break out and which moves seemed suitable for heavy positioning. From that retrospective angle, profitable opportunities appear to have been readily available.
But the editor described this as “rearview mirror thinking.” It allows people to see the market clearly after the fact while remaining confused in the present. The core conclusion was that history contained countless opportunities, and the present also never lacks them. Past opportunities did not disappear; investors at the time simply lacked the understanding, discipline or calmness to identify and take them. By the same logic, the current market still contains opportunities across different levels and risk categories.
SpaceX’s Anysphere deal and the discussion around SPCX
The roundtable also covered SpaceX’s June 16 announcement that it would acquire Anysphere, the parent company of AI coding tool Cursor, for $60 billion. One editor described the deal as a case of both sides getting what they need. Elon Musk needs Cursor’s developer data to train his AI model Grok, while Anysphere needs the large computing resources behind SpaceX to train its own AI model, Composer, and compete against the model of its former partner Anthropic.
Beyond the strategic meaning for both sides, the editor said an easily overlooked detail is the impact on SpaceX’s share price. Musk did not pay cash for the acquisition, as all the funds used to acquire Cursor are being paid in SpaceX Class A common stock. According to SEC filings cited in the discussion, SpaceX will conduct the merger with Anysphere through its wholly owned subsidiary X67 Inc. X67 Inc. will merge into Anysphere, and Cursor, as the surviving entity, will become a wholly owned subsidiary of SpaceX. Upon completion of the merger, all common and preferred shares of Anysphere will be converted into SpaceX Class A common shares. The exchange ratio will be calculated based on the volume-weighted average price over the seven consecutive trading days before closing.
The editor argued that the stock-based payment structure gives Musk a greater advantage. By using SpaceX shares, Musk can take advantage of the company’s very high current market value and complete the acquisition by giving up a relatively small amount of equity, making the practical cost much lower. Since the merger agreement was signed on June 16, only three trading days after SpaceX’s listing, the earliest equity delivery would take place next week. On that basis, the editor raised one analytical question: in order to make the purchase cheaper and complete it with less equity, would the “Musk interest group” actively stabilize SpaceX trading volume and market value at a high level? The editor also stressed that there is no strong causal relationship between the two, presenting it only as one angle for thinking about SPCX’s share price.
The discussion then turned to what is currently supporting SPCX. According to the editor, the current price is mainly being pushed up by market sentiment. Vanda Track data from recent days showed that SpaceX remains the stock most sought after by retail capital, ranking first for several consecutive days on the U.S. retail net inflow list for individual stocks. The editor said retail enthusiasm will eventually fade, and “belief” is not without a price. At that point, institutions would need to take the handoff and become the main force stabilizing SPCX’s price.
BTC, Japanese and Korean stocks, HYPE support and the ETH split
Another editor said BTC had rebounded slightly as the U.S.-Iran situation eased, and they remain bullish for now. They would consider testing a short position around 6w8 to 6w9. The editor also mentioned that SpaceX’s IPO has ended, but the stock did not hold a $2.2 trillion market value at that day’s close, resulting in a loss of 10 U. Even so, they said they still see the price above 250 after inclusion in the Nasdaq in July.
The same section noted that Japanese and Korean stock markets are still pushing higher, with the trend of strength reinforcing strength still clear. The next landmark event, in that editor’s view, is either a Federal Reserve rate hike or an Anthropic/OpenAI IPO. The editor personally believes Anthropic could challenge SpaceX as another of the largest IPOs in history, with its market value even rising to a scale of $2 trillion to $3 trillion. They also referred to a post shared by group members stating that “the AI industry, like the real estate industry, is a heavy-asset industry.” The editor said that view made sense, and therefore positioning in shovel-selling businesses as defensive investments is a reasonable line of thought.
The final editor reviewed a HYPE trade. Last week, they went long after HYPE dropped to around $56, then gradually sold after it passed $70. The sale was not because they had turned negative on HYPE. Rather, they believed it would be difficult for the token to produce a major short-term breakout. Over the long term, they said the $50 to $60 range will become an important support zone, and they plan to keep buying in that area.
They gave two reasons for that longer-term view. First, in the current wave of traditional assets moving on-chain for trading, Hyperliquid has captured the largest share of the benefit. Fees have continued to rise, and HYPE buybacks have increased sharply, with average monthly buybacks exceeding $60 million over the past half year. The editor also noted that 97% to 99% of Hyperliquid’s trading fee revenue is directly used to buy back HYPE in the open market, a mechanism they described as its largest growth flywheel. Second, after the HYPE spot ETF was listed, cumulative net inflows reached $180 million, with average daily net inflows of $7.5 million. The editor said traditional capital’s preference for HYPE is clear, and that this treatment has not been seen after the listing of other crypto ETFs.
On ETH, the editor described the current market as strange. Pure crypto investors are deeply disappointed in ETH because its price performance over the past few years has been weak, creating large opportunity costs. Traditional investors, especially Wall Street figures represented by Tom Lee, have instead continued to add real capital to ETH and view it as an undervalued “Amazon.” Neither side can persuade the other, so time will decide. The editor’s personal view is that ETH has now fallen to a very cheap level, and that the current entry cost is lower than Bitmine’s.