付鹏: Crypto Investors Are Increasingly Embracing Traditional Assets, the 'Great Blending' Is Reshaping Financial Market Boundaries

Odaily reported that Fu Peng posted on platform X: "Many Bitcoin holders who have long been confined to the digital asset ecosystem are, for the first time through this channel, attempting to allocate funds into S&P 500 ETFs and AI-related funds. This trend has shifted market discussion from 'confrontation' to 'complementarity', indicating that the future financial architecture will be more inclusive. BlackRock defines this deep cross-asset class integration as the 'Great Blending'.

Crypto investors have this month participated in SpaceX IPO-related activities through pre-IPO perpetual futures and tokenized stocks. These products allow users to speculate on the valuations of private companies before the public offering of listed companies, further breaking down the barriers between public and private markets. The trading volume of pre-IPO perpetual futures surged from approximately $1 billion in early May to nearly $22 billion within a few weeks.