$200M+ in SpaceX pre-IPO perps traded on Hyperliquid in the 24h before Nasdaq opened, so CT had a live mark on SPCX before most ETF buyers got one. ARK loading $500M after selling AMD/Roku/Baidu ties the same high-duration basket together: SpaceX, Tesla, COIN/ARKB, and private AI all want cheap capital and retail reflexivity. If Fed pricing tightens, this trade behaves less like aerospace diversification and more like levered beta to the same liquidity regime that moves BTC and HYPE.

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