Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

May 21: SpaceX’s initial public offering (IPO) prospectus, filed via regulatory Form S-1, lays out sweeping business and equity overlaps across Elon Musk’s portfolio of companies. The 330-page document references “Tesla” 87 times, “xAI” 356 times, and “X” 267 times. On the equity front, Tesla holds roughly 19 million shares of SpaceX’s Class A common stock, representing less than 1% of outstanding shares. Back in February, Musk merged his AI firm xAI into SpaceX, with Tesla’s original xAI holdings converted into SpaceX stock as part of the transaction. Businesswise, SpaceX acquired $131 million worth of Cybertrucks from Tesla at the manufacturer’s suggested retail price (MSRP). Earlier reports noted SpaceX purchased 1,279 Cybertrucks in the fourth quarter of 2025, and the new prospectus hints the actual total may be even higher. Separately, SpaceX spent $697 million on Tesla’s Megapack energy storage batteries in 2024 and 2025 to power peak demand at its Colossus I and II data ce

May 21: Per Farside’s data, U.S. spot Bitcoin ETFs logged net outflows of $70.5 million yesterday. Breakdown: BlackRock’s IBIT: -$61.5 million; Fidelity’s FBTC: -$10.1 million; Morgan Stanley’s MSBT: +$1.1 million. Separately, U.S. spot Ethereum ETFs saw net outflows totaling $28.1 million yesterday. Breakdown: BlackRock’s ETHA: -$30.9 million; BlackRock’s ETHB: +$4.4 million; Fidelity’s FETH: -$1.6 million.

Per LookOnChain monitoring, a wallet linked to Galaxy Digital purchased 158,100 HYPE over the past two hours on May 21, worth $8.8 million. Separately, a newly created wallet withdrew 536,247 HYPE from Coinbase in the last two days, totaling $29.87 million.

May 21 – Hong Kong-listed firm HashKey Holdings Limited (HKEX: 3887.HK) has announced that its licensed virtual asset trading platform, HashKey Exchange, is launching Spot Grid Trading. This new user-facing feature lets traders set and execute conditional orders within a custom-specified price range, giving users full control over every aspect of their trading strategy: plan creation, parameter configuration, activation, adjustment, performance monitoring, and termination. The initial rollout covers mainstream digital assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and Chainlink (LINK), supporting seven spot trading pairs priced in USDT and USD. Notably, USDT-based trading pairs are restricted to professional investors, while USD pairs are accessible to all eligible users. Looking ahead, HashKey Exchange plans to expand its product ecosystem, add more supported trading pairs, and introduce additional order functions to provide users with more comprehen

May 21: According to official sources, Binance will launch trading for USDT-margined SpaceX (SPCX) Pre-IPO perpetual contracts at 12:45 a.m. Beijing time. The maximum leverage allowed for these contracts is capped at 5x.

May 21: According to Bitget market data, preOPAI is currently trading at $902, with a 4.25% change over the past 24 hours. Its intraday high hit $905, and trading volume stands at approximately $896,000.