A widely-tracked 5x-leverage perpetual on Hyperliquid tied to SpaceX’s impending IPO, expected to be the largest in history, has declined for three consecutive weeks.
The product, tickered as SPCX, traded near $157 on Wednesday, down about 27% from its mid-May launch price of around $216, after briefly touching $230.
That does not mean traders are betting against SpaceX, as SPCX still trades above the $135 IPO price. But the implied first-day premium has been cut hard. In May, the contract priced SpaceX roughly 60% above the offer, and it stood closer to 16% as of Wednesday.
The company set the offer price at $135 per share, with no price range for investors to push it higher or lower during the bookbuild. In most IPOs, bankers collect orders and move the price based on demand. But SpaceX has taken a fixed-price route where investors either take the price or do not.
That leaves the SPCX perp as one of the few places where a SpaceX-linked price is actually moving before the stock opens.
The contract does not give holders shares, allocation rights or any claim on SpaceX. It is a cash-settled derivative that lets traders bet on where the company’s equity value should trade. Unlike an IPO indication of interest, traders in the perp have money at risk and can lose it before the first share changes hands.
The official book still looks huge. Reuters reported that SpaceX has drawn more than $250 billion in investor interest for a $75 billion raise, making the deal several times oversubscribed. Large investors often ask for more stock than they expect to receive, especially in hot deals.
SPCX’s prices suggest traders still expect a premium to the $135 offer.
That may partly reflect broader market pressure. Crypto has weakened into the IPO, and bitcoin remains well below its January high. Some investors may also be raising cash to fund SpaceX allocations, adding pressure to the same risk market where SPCX trades.
Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.
WLD emerged as among the stronger performers in the market today after posting notable gains over the last 24 hours. This, after the token’s prices surged by 12% to $0.54.
This move came on the back of buyers become increasingly aggressive, helping the altcoin build on its recent momentum on the charts.
Trading volume also picked up sharply during the rally, suggesting the move may be attracting broader market attention rather than being driven by a handful of trades. The network’s trading volume recorded a 13% surge to $1.83 billion.
Source: Santiment
Buyers are back in charge
For much of the recent market weakness, sellers had little trouble pushing the prices lower. That dynamic might be changing though.
Recent order flow data revealed buyers taking a larger share of market activity. This might explain why Worldcoin [WLD] has been able to sustain its gains throughout the session. In fact, long positions accounted for 62% of the total market exposure at press time.
The rise in volume seemed to support that view too. More traders have been participating in the move, giving bulls a stronger foundation than they had during previous recovery attempts.
Source: Coinalyze
Is institutional demand also on the rise?
At the time of writing, institutional dynamics appeared to be in support of the positive buyer sentiments. This, after a period of playing averse to the ongoing volatile market.
The network’s Total Open Interest, for instance, recorded a daily uptick of $70 million to hit a value of $286 million.
Source: Santiment
Can WLD keep pushing higher?
The latest rally doesn’t automatically confirm a trend reversal, but it does show a clear shift in sentiment. At press time, the token was trading above a key EMA support with the demand zone between $0.58 to $0.65 the only key barrier ahead.
Buyers had momentum, volume was rising, and market participation seemed to be improving too. If those conditions remain in place, WLD could continue building on its recent gains in the sessions ahead.
All in all, WLD buyers showed up, volume followed, and WLD responded. That’s why the token is one of the market’s standout performers today.
Anthropic released Claude Fable 5 on Tuesday, its most capable public model running on Mythos, as it pursues a fall listing it has already filed for confidentially alongside OpenAI, which filed Monday, and SpaceX.
Mythos is Anthropic’s most advanced tier of artificial intelligence models, and Fable is the first publicly released version of this powerful underlying architecture but it comes with strict built-in safety filters.
Bitcoin has spent the past week trading as the high-beta arm of the Nasdaq, sliding with chipmakers and Asian tech as the AI trade unwound. An Anthropic listing, after its $65 billion round at a $965 billion valuation, would hand index funds and retail traders a single AI-lab stock to pile into. Crypto already moves with the AI trade, and giving that trade its own ticker only tightens its grip.
AI-linked tokens caught a modest bid on Fable’s launch while bitcoin barely moved, because model releases are narrative for the sector’s small caps while the majors now trade on what the AI trade does to risk appetite, not on the models themselves.
A major international retailer is preparing for a significant overhaul of its store network after warning that dozens of locations will close and hundreds more are under review.
The company’s latest results show a business facing growing profitability challenges despite continued revenue growth. Its performance reflects broader pressures across the apparel industry, where rising operating costs and softer discretionary spending have weighed on margins even as sales remain resilient.
Consumer shopping habits continue to evolve as online channels capture a larger share of retail spending. At the same time, shoppers remain selective with discretionary purchases, prompting many established brands to reassess their store networks while investing more heavily in e-commerce and omnichannel capabilities.
Founded in 1924, The Foschini Group (TFG) is a South Africa-based multinational retail company that owns 39 brands spanning apparel, footwear, jewelry, beauty, technology, and home goods.
TFG identifies hundreds of underperforming stores
TFG revealed plans to close at least 100 stores over the next fiscal year while reviewing approximately 300 underperforming locations across its portfolio.
However, the company stressed that permanent closures remain a last resort.
“Closing stores is absolutely the last resort after you’ve tried everything else,” said TFG CEO Anthony Thunström in an interview with the Sunday Times. “We look to see whether one of our other brands would perhaps trade better in that store, in that location.”
The retailer operates more than 4,900 outlets across 23 countries, with business segments across Africa, London, and Australia.
Rather than immediately shutting down locations, TFG is pursuing several initiatives to improve profitability. These include optimizing store space, reducing inventory purchases, and leveraging physical locations to support online fulfillment.
“Given the impact of a poor economy on store profitability and the extent of our online penetration, we are closing underperforming and marginal stores and sharpening our brand portfolio,” said Thunström in the company’s latest earnings call.
The retailer also plans to convert portions of select stores into fulfillment hubs for online orders as digital sales continue to grow. Management expects tighter inventory controls and improved product mix decisions to help support higher gross margins in the coming year.
Why TFG is closing stores
The retailer’s restructuring efforts come after a challenging financial year.
The company said trading conditions weakened significantly during the second half of the year as softer consumer demand during the peak shopping season and lower margins weighed on results across all operating regions.
Gross margin declined by 120 basis points to 48.2% as the retailer increased markdown activity to clear inventory. At the same time, operating expenses rose 10.7%, outpacing sales growth and placing additional pressure on earnings.
One bright spot was e-commerce. Online sales surged 31.7% during fiscal 2026 and now account for 14.8% of total retail sales, with scale efficiencies helping improve digital profitability.
Store count data also highlights TFG’s increasingly cautious approach to expansion. The company ended the fiscal year with 4,914 stores as of March 31, 2026, compared with 4,923 a year earlier. During that period, the retailer opened 233 locations but closed 242, resulting in a net reduction of nine stores.
The store review comes as retailers worldwide seek to improve profitability by focusing investments on their most productive locations. Across the industry, companies have increasingly prioritized e-commerce fulfillment, supply chain efficiency, customer data capabilities, and omnichannel services as online sales continue to represent a growing share of consumer spending.
Management expects consumer conditions to remain challenging for the foreseeable future.
“We are planning on the basis that consumer conditions will remain under pressure for some time across each of our territories and may potentially deteriorate further until a durable solution is found to the Iran war, inflation cools, and consumer sentiment improves,” said Thunström during the earnings call.
TFG plans to close at least 100 stores while reviewing approximately 300 underperforming locations across its portfolio.Shutterstock
The shift toward e-commerce continues to reshape retail
TFG’s approach shows how retailers are adapting to a marketplace where digital and physical channels increasingly work together
As consumers embrace online shopping more than ever, retailers are reassessing how many physical stores they need and how those locations fit into broader omnichannel strategies that combine digital convenience with in-store experiences.
Global e-commerce revenue surpassed $6 trillion in 2024 and is projected to reach $10 trillion by 2033, according to Capital One Shopping.
Despite that growth, physical stores remain the dominant sales channel. Worldwide online sales accounted for approximately 19.9% of total retail sales in 2024, indicating that the majority of purchases still occur in person.
For retailers like TFG, the challenge is finding the right balance between maintaining a profitable store network and investing heavily in digital capabilities that consumers increasingly expect.
“We are enhancing our fintech and credit capabilities with their structurally higher operating margins and returns, we are reducing the complexity of our operating model, and in so doing, structurally lowering our cost of doing business,” said Thunström in the company’s latest earnings call.
As e-commerce adoption continues to rise globally, retailers that successfully integrate digital innovation, supply chain efficiency, and customer convenience are likely to be better positioned to navigate a rapidly changing and increasingly competitive retail landscape.
An “infinite bowl-making machine” can make 500 salads, Tex-Mex, and poke bowls with the exact ingredients you want down to the personalized macros you’re tracking in one hour. A human worker can’t compare, according to entrepreneur Marc Lore.
“I don’t know exactly how many a single person can do, but it’s not going to be more than probably 30 an hour, maybe 45,” said Lore, who spoke at the 25th annual Fortune Brainstorm Tech conference in Aspen on Tuesday. Lore previously sold two businesses, Diapers.com and Jet, to Amazon and Walmart, respectively, for $3.8 billion before founding food-tech startup Wonder in 2018, where he serves as chairman and CEO.
The automated infinite bowl technology, which Wonder acquired from salad chain Sweetgreen, spins each bowl on a turntable while ingredients drop into place, based on the specs from an online delivery app order. The resulting bowl, said Lore, has “no errors,” so a hungry patron gets exactly what they ordered. Lore said Sweetgreen already runs the infinite bowl tech across 32 locations, and it will land in its first Wonder kitchen next month.
Lore described Wonder as a “vertically integrated food platform” that owns 26 restaurant brands including a Bobby Flay steakhouse and delivery options that include fried chicken, pizza, Chinese, and Thai food. Wonder also owns and manages the kitchens, and handles delivery after buying GrubHub in a deal valued at $650 million that closed in 2025. By combining all the different brands in a single kitchen, Lore said Wonder can serve geographies and regions that don’t have the population numbers to support larger fast-casual chains like Chipotle or Cava.
With everything included in a single profit pool, Lore claims, the prices are less expensive because the margins don’t need to support both restaurants and delivery companies. A single 10-ounce Bobby Flay steak “cooked to perfection” costs $36 and bowls are under $10, he said.
“We can stay open until 2 a.m. in the suburbs because we can operate all 26 restaurants with three people late night,” Lore added. One human staffer answers the hotline, another handles finishing the dishes, and the third works the handoff to delivery drivers.
Lore wants this business to have an indelible impact on the public company landscape and is pursuing an IPO, something that has eluded him, he told “The Aisle” founder Jason Del Rey.
“We are going to be ready to go public early next year,” said Lore, although the market will likely help dictate the timing of a potential public offering.
Lore, who also owns the Minnesota Timberwolves and Lynx basketball teams, said he wants to builds a “long-standing, legacy business that becomes a household name” with Wonder, and he said it has a competitive moat that AI can’t disrupt. And more machines are on the way. An “infinite sauce machine” can spin up 500 sauces an hour from 152 raw ingredients, said Lore, and an “infinite beverage machine” is slated for next year.
From there, Lore said he expects that some people will want to start their own delivery-based restaurants using Wonder. Through a feature he called Wonder Create, Lore said anyone can describe a concept in an AI prompt like, “build me a fast-casual Mexican restaurant for Gen Z, for people that love cycling.” From there, Wonder will output a branded restaurant concept, with its own name, menu, pricing, photos and nutrition information, built on Wonder’s automation in about two minutes. Lore said users can push their concepts live for $10 a month.
“Think Shopify on steroids,” Lore says. “You don’t have to do anything.”
Helium [HNT] has been among the tokens facing steep outflows as the bear market deepens. In the past few hours, HNT set a new all‑time low, dropping to roughly $0.43 during early trading.
The decline carries a twist, since traders typically pile into shorts on bearish momentum and bet on further downside, yet perpetual traders are doing the opposite.
Helium distribution deepens as sellers tighten their grip
The case for a further decline still holds, as the indicators point to mounting pressure from the bears. At press time, the Accumulation/Distribution indicator showed heavy offloading of HNT into the market over the past couple of days, which has weighed on the outlook.
The indicator, which was already in negative territory, indicating that sellers dominate HNT’s trading volume, has dropped even lower, highlighting how tightly sellers control the tape.
Source: TradingView
This adds to the bearish reading from the Aroon Indicator, which gauges whether momentum sits with buyers or sellers.
The Aroon Down line (blue) hovered above the Aroon Up line (orange), printing 100.00% and 47.86%, respectively. The setup already signals bearish momentum, and should the gap widen as the Aroon Up line slides further, HNT stands a strong chance of extending its drop down the chart.
Perpetual traders bet against the falling price
This entire move runs against the positioning of perpetual traders, who appear to be buying, anticipating a rally.
At the time of writing, HNT’s Funding Rate had climbed to 0.0100% during the trading session, its highest level for the period. This reflects concentrated capital in HNT perpetuals, signaling a bullish bet as traders anticipate a rebound.
Source: Coinalyze
This is not happening in isolation, as volume has surged alongside it, with buying outweighing selling. The Long/Short Ratio stood at 1.12, meaning positioning leans long and points to upward expectations in the perpetual market.
Yet this positioning carries risk, as losses have skewed heavily against the longs; short traders lost nothing over the past day, while longs shed $38,000 across the same period. The data leaves long traders exposed to a sharp decline.
Helium liquidation heatmap leaves both directions in play
HNT is now at a crossroads, as the liquidation heatmap shows no clear directional cut for the asset and leaves the price free to swing either way.
For context, liquidation heatmaps map the spots on the chart where liquidity concentrates, and these zones tend to act as a magnet that pulls price toward them.
Source: CoinGlass
Momentum currently leans toward the bears, and the pull toward the lower clusters remains the likelier path. Either way, the upper cluster stays one to watch, given that the rising funding rate lends support to a rally.
Final Summary
Helium fell to a fresh all-time low near $0.43 as heavy HNT selling pushed both the Accumulation/Distribution and Aroon indicators into bearish territory.
Perpetual traders positioned the opposite way, a 0.0100% funding rate and a 1.12 long-to-short ratio show them betting on a rebound.
