News Summary

• The SPCX perpetual on Hyperliquid has bounced from this week’s lows, while Bloomberg says other shadow markets now imply a first-day gain of more than 35%.
• The reversal comes as pre-IPO SPCx has shown caution in the market, falling by about 30% over the past few weeks.
• The contract traded between about $176 and $183 on Friday morning, up from a low near $153 earlier this week and above the roughly $157 level seen when CoinDesk wrote Wednesday that crypto traders were marking down the expected IPO pop.