A strange thing happens when you look at the data @BinanceCIS #bStocksCIS on the transition of traders after the listing.
It was about people who traded pre-IPO perps of SPCX before the SpaceX listing. When the stock appeared, 8.6% of them moved to bStock SPCXB. Only 0.6% went to the direct stock.
The difference is almost 14 times.
What caught my attention wasn’t the number itself, but the fact that the choice even existed. People had a direct path to the stock, and they almost didn’t use it.
For myself, I explain it as a familiarity with the format rather than a higher yield advantage. The perp is already on-chain; the wallet is the same—bStock just continues that movement. The direct stock looks like a separate world, like a separate infrastructure, and like completely different trading hours.
So bStock didn’t win the stock in some kind of competition.
For those who were already on-chain, it just turned out to be the more logical next step. There was no need to learn a new infrastructure just to switch. A familiar interface shell seems to matter more in this choice than it appears at first glance when you only look at the raw numbers.
As of today, SPCXB is trading actively. The volume over the last 24 hours exceeded 46.72 million USDT.
I see this more as the effect of a familiar format, but I can’t name it a proven cause.
It was about people who traded pre-IPO perps of SPCX before the SpaceX listing. When the stock appeared, 8.6% of them moved to bStock SPCXB. Only 0.6% went to the direct stock.
The difference is almost 14 times.
What caught my attention wasn’t the number itself, but the fact that the choice even existed. People had a direct path to the stock, and they almost didn’t use it.
For myself, I explain it as a familiarity with the format rather than a higher yield advantage. The perp is already on-chain; the wallet is the same—bStock just continues that movement. The direct stock looks like a separate world, like a separate infrastructure, and like completely different trading hours.
So bStock didn’t win the stock in some kind of competition.
For those who were already on-chain, it just turned out to be the more logical next step. There was no need to learn a new infrastructure just to switch. A familiar interface shell seems to matter more in this choice than it appears at first glance when you only look at the raw numbers.
As of today, SPCXB is trading actively. The volume over the last 24 hours exceeded 46.72 million USDT.
I see this more as the effect of a familiar format, but I can’t name it a proven cause.