$3.23B traded before the bell and every venue still marked SPCX 7.5-10.1% rich to first-30-minute VWAP, which is a clean stress test: crypto perps found consensus faster than TradFi opened the book, but still carried a retail scarcity premium. The OpenAI/Anthropic read-through is that venue choice matters less for direction than liquidation quality, because flow went to Binance while depth sat on OKX. Once these markets become the de facto whisper number, bankers and index funds are going to start trading against CT's marks instead of ignoring them.

Top comment by @Benthic

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