Odaily’s editorial roundtable is presented as an informal internal column rather than a conventional market call. Editors use it to record immediate reactions to industry news, data, hot events and overlooked details, while also sharing investment ideas and opportunity hypotheses that are still being tested. The column states that these thoughts are not meant to be direct wealth codes; in some cases, the question itself is the main output. It also includes observations gathered from conversations with industry participants and materials that have genuinely improved the team’s understanding, whether sourced internally or externally.
The column is based on the real investing and observation experience of Odaily editorial members. It does not accept any form of commercial advertising and does not constitute investment advice. Its stated purpose is to broaden perspectives and add information sources, not to manufacture consensus. The June 17 edition moved across several themes: recent BTC buying, HOOD additions, prediction-market experiments, the HYPE and Hyperliquid debate, trading psychology after missing SK Hynix, SpaceX’s acquisition of Anysphere, SPCX price speculation, views on Japanese and Korean equities, and the contrast between crypto-native and traditional investor attitudes toward ETH.
Recent trades: BTC dip buying, HOOD additions and prediction markets
One editor introduced the section with the phrase “still bad, still learning,” and said recent trading had become somewhat more frequent than before. On the crypto side, the editor bought a small amount during the recent decline, mainly in BTC. However, the entry level was generally high, in the 6.2 to 6.6 range, so there was basically little profit. On the US equity side, the editor added a small amount of HOOD, noting that the logic had already been discussed in an article published a few days earlier. In addition, the editor has been playing World Cup-related prediction markets, while also doing small, high-frequency copy trades and larger, low-frequency active orders. A new tool is being tested, with the current experience described as good enough to keep trying for a few more days before making any recommendation.
The same editor also discussed HYPE and the Hyperliquid ecosystem. HYPE has performed well recently, but the editor said they increasingly feel that “the more expensive HYPE becomes, the worse it is for Hyperliquid.” The reason given was that Hyperliquid’s earlier, most imaginative narrative centered on using HIP-3 to build a multi-asset trading ecosystem. At the current stage, however, trade.xyz has become dominant among HIP-3 projects, while Felix and Ventuals have shut down one after another. A high HYPE price has effectively become a barrier to the expansion of the HIP-3 blueprint, because building a custom market on HIP-3 requires staking 500,000 HYPE. Based on the current price, that is more than 35 million dollars. The market once imagined “Hyperliquid plus countless custom markets,” while the present situation is closer to “Hyperliquid plus trade.xyz.” If the upper-layer market becomes fixed around only trade.xyz, the editor argued that its user reach and future narrative would not match the expectations previously held by the market.
Trading mindset after selling SK Hynix too early
Another editor summarized their state with the phrase “just sold SK Hynix too early,” then shifted the discussion to trading psychology. In this view, markets never lack opportunities, but calm capital and a calm mindset are always scarce. Capital markets keep moving, and missing one opportunity does not bring the market to an end. The short-term winner that was missed, the hot sector that was missed, and the bottom that was missed are all only small parts of a much larger set of market opportunities. Investors do not need to capture every move; they only need to capture opportunities that fall within their own range of understanding and controllable risk. Being attached to an opportunity that has already passed, and being pulled forward by anxiety, is described as one of the largest traps in investing.
That editor also reviewed past trading records and found an interesting pattern: when looking backward, high-quality opportunities seem to have been everywhere. Looking back at last year, last month, or even the market from a few weeks ago, it becomes easy to identify which assets were at low levels, which sectors were about to break out, and which trades were worth taking with heavy positions. In hindsight, it can feel as if profitable opportunities were readily available everywhere. But this “rearview mirror thinking” makes people clear after the fact and confused in the present. The editor’s conclusion was that history contained countless opportunities, and the present is not short of opportunities either. Past opportunities did not vanish; at the time, investors simply lacked the understanding or the temperament to identify and seize them. By the same logic, the current market still contains investment opportunities across different levels and risk categories.
SpaceX, Anysphere and the all-stock Cursor acquisition
One section focused on SpaceX. On June 16, SpaceX announced a 60 billion dollar acquisition of Anysphere, the parent company of the AI coding tool Cursor. The editor described the acquisition as a transaction in which both sides get what they need. Elon Musk needs Cursor’s developer data to train his AI model Grok, while Anysphere needs the large computing-power support behind SpaceX to train its own AI model Composer and compete with the model of its former partner Anthropic. Beyond the strategic meaning for both parties, the editor pointed to a detail that is easily overlooked: the impact on SpaceX’s stock price. In the editor’s framing, Musk did not spend cash, because the funding for the Cursor acquisition was paid entirely in SpaceX Class A common stock.
According to the SEC filing cited in the article, SpaceX will carry out 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. At the completion of the merger, all common and preferred shares of Anysphere will be converted into SpaceX Class A common stock. The exchange ratio will be calculated based on the volume-weighted average price over the seven consecutive trading days before closing. The editor said that paying with SpaceX shares allows Musk to use the company’s very high current valuation and complete the acquisition by giving up relatively little equity. In that sense, the actual cost is much lower, and much of what is being paid is valuation premium.
The editor then noted that, as of the signing of the merger agreement on June 16, only three trading days had passed since SpaceX’s listing. Therefore, the earliest equity delivery between the two sides would occur next week. The question raised was whether the “Musk interest group” would actively stabilize SpaceX’s trading volume and valuation at a high level in order to complete the acquisition more cheaply and with fewer shares. The editor also made clear that there is no strong causal relationship between these two points, and described it only as an analytical guess related to SPCX price movement. At present, the editor said, SPCX’s price has mainly been pushed up by market sentiment. According to Vanda Track data from recent days, SpaceX is still the stock most favored by retail capital and has remained at the top of the US individual-stock retail net inflow list for several consecutive days. But retail enthusiasm can fade, and “faith” is not without a price. At that point, institutions would need to take the baton and become the main force stabilizing the SPCX price.
BTC, Japanese and Korean equities, HYPE support and the ETH divide
Another editor offered a short set of market views. BTC has rebounded modestly, the US-Iran situation has eased, and the editor remains bullish for now, while considering a small short attempt around the 68,000 to 69,000 range. SpaceX’s IPO has ended, but the stock did not hold a 2.2 trillion dollar market capitalization at the close that day, leading to a loss of 10 U. Even so, the editor still wrote that after inclusion in the Nasdaq in July, the price is seen above 250. Japanese and Korean stock markets are still pushing higher, and the trend of strong assets staying strong remains clear. The next landmark event was framed as either a Federal Reserve rate hike or an Anthropic/OpenAI IPO. The editor’s personal view was that Anthropic has the chance to become another historically large IPO after SpaceX, with valuation even jumping to the 2 trillion to 3 trillion dollar range. After seeing a group member share the idea that the AI industry, like real estate, is a heavy-asset industry, the editor said the logic made sense and that positioning in “shovel sellers” as defensive investments is a good line of thinking.
The final editor shared trading notes on HYPE and ETH. In terms of operations, the editor bought HYPE last week when it fell to around 56 dollars and gradually sold after it moved above 70 dollars. The sale was not because of a negative long-term view; rather, the editor thought it would be difficult for HYPE to make a large short-term breakout. Over the long term, the editor sees 50 to 60 dollars as an important support area and plans to continue buying in that zone. Two reasons were given. The first is that in the current wave of traditional assets moving on-chain, Hyperliquid has captured the largest share of the benefits. Fees have continued to rise, HYPE buybacks have increased sharply, and the average monthly buyback over the past half year has exceeded 60 million dollars. The editor added that 97% to 99% of Hyperliquid’s trading-fee revenue is directly used to buy back HYPE in the open market, and said that there is currently no exchange doing this in the same way. This is described as the biggest growth flywheel. The second reason is that after the HYPE spot ETF was listed, cumulative net inflows reached 180 million dollars, with average daily net inflows of 7.5 million dollars. The editor described traditional capital’s preference for HYPE as visible, and said this treatment was not seen after the listing of other crypto ETFs.
On ETH, the editor observed an unusual split in the market. Pure crypto investors are deeply disappointed with ETH because its price performance over the past few years has been weak, leading to lost opportunity cost. Traditional investors, especially Wall Street figures represented by Tom Lee, have instead continued to add ETH with real capital and regard it as an undervalued “Amazon.” The two sides cannot persuade each other, so the editor said the question should be left to time. The editor’s personal view is that ETH has truly fallen to a very low price, and that the current entry cost is lower than Bitmine’s.