Crypto’s next big trade may not be a new token at all. In a new market-structure thesis, HTX Research argues that on-chain U.S. equity perpetuals could become the next major opportunity, shifting attention from speculative token narratives toward American stocks, especially AI-linked names and pre-IPO trades.

That idea matters because it points to a deeper change inside crypto. The industry already has fast, global, always-on trading rails. However, it often lacks a steady supply of assets with real fundamentals, dense news flow, and broad investor attention. U.S. equities, the report argues, fit that gap better than much of the current crypto menu.

The result is a striking claim: price discovery for U.S. stocks may be starting to…