Even as crypto markets have spent much of the year swinging to macro news and regulatory uncertainty, tokenization has continued to move forward—pushing real-world assets (RWAs) into a more central role for the industry.

This week’s developments highlighted that divide: Kraken launched tokenized access to the SpaceX IPO through its xStocks offering, Binance Research pointed to rapid RWA growth, prediction markets crossed above onchain gambling by volume for the first time, and former FTX CEO Sam Bankman-Fried took another step in his legal fight by formally seeking a presidential pardon from Donald Trump.

Key takeaways

• Binance Research says active tokenized RWAs have grown sharply since early 2025, with money-market and bond products adding $6.5B and tokenized stocks up 422%.
• Kraken is offering eligible users in 110+ markets tokenized access to the SpaceX IPO via xStocks, with tokenized shares issued as SPCXx backed 1:1 by the underlying equity.
• TRM Labs reports prediction markets generated $36.6B in Q1 2026 volume, surpassing onchain gambling’s $14B for the first time.
• Sam Bankman-Fried has formally applied for a presidential pardon, with the request showing up in the DOJ Office of the Pardon Attorney’s pending clemency list.

RWA tokenization keeps expanding beyond crypto’s swings

Tokenized real-world assets have remained one of crypto’s most consistent growth narratives, even when broader market conditions soften. According to data cited from Binance Research, the market for active tokenized RWAs has expanded by 589% since early 2025.

The composition of that growth also matters. The same Binance Research update attributes $6.5 billion in value gains to tokenized bonds and money market funds, while tokenized stocks posted a separate jump of 422%—suggesting that both fixed-income-like products and equity exposure are finding demand simultaneously.

Just as important, the RWA ecosystem is diversifying across asset classes and use cases. The article notes that Ondo Global Markets has helped drive interest in tokenized equities, while tokenized precious metals added $1.5 billion as investors sought safety earlier this year.

Adoption is also spreading through traditional finance infrastructure. The coverage highlights blockchain-related moves from established institutions, including Apex Group’s tokenized fund services and The Clearing House’s planned tokenized deposit network—signals that tokenization is increasingly being treated as an operational capability rather than a niche crypto experiment.

Kraken adds SpaceX IPO access via tokenized shares

Kraken’s latest tokenization push focuses on primary market participation. Through xStocks, the exchange says eligible users in more than 110 markets can gain access to the SpaceX IPO.

Per Kraken, investors who receive an allocation will be issued SPCXx, described as a tokenized representation backed 1:1 by the underlying equity. Kraken further states that these tokenized shares are tradable 24/7 across participating platforms.

The rollout arrives amid unusually high attention around SpaceX’s planned public debut. The coverage points to SpaceX targeting a $75 billion raise on Nasdaq and notes that the offering was reportedly oversubscribed by roughly four times ahead of public trading—positioning the deal as potentially the largest IPO in history.

For market participants, this matters because it tests whether tokenized equity distribution can function as a practical bridge between traditional allocation processes and the liquidity expectations associated with crypto rails. The key detail to watch is how Kraken’s “allocation to token” workflow performs at scale, particularly for investors in jurisdictions that qualify for xStocks access.

Prediction markets overtake onchain gambling by volume

Another sign of shifting user behavior comes from prediction markets. TRM Labs data cited in the report shows prediction markets surpassed onchain gambling by volume for the first time in Q1 2026.

TRM Labs says prediction markets generated $36.6 billion in volume versus gambling’s $14 billion during the same period. The milestone follows both categories crossing $50 billion in annual volume in 2025, underscoring how quickly both sectors have grown.

At the same time, the report emphasizes that crypto gambling has not stalled. Quarterly wagering volume remained close to record highs, and TRM Labs attributes the resilience to a loyal—and expanding—user base. According to TRM’s analysis, “high rollers” still account for most betting volume, averaging $13,558 per bet and $378,000 in lifetime gambling volume, but the fastest growth is coming from casual and daily bettors. That participation shift—moving beyond a narrow set of top-volume users—could help explain why prediction markets can surge without gambling collapsing.

Investors and builders watching these markets may want to track how liquidity and user acquisition dynamics differ between prediction platforms and gambling venues. Volume leadership can reflect product-market fit, but it can also reflect changes in user mix and platform distribution.

Bankman-Fried seeks Trump pardon as appeals continue

In the US legal arena, former FTX CEO Sam Bankman-Fried has formally applied for a presidential pardon from Donald Trump, according to the coverage. The report states the request appears on the DOJ Office of the Pardon Attorney’s list of pending clemency applications.

The pardon bid adds another layer to Bankman-Fried’s wider legal strategy. The coverage notes he is still appealing his 2023 fraud conviction and 25-year prison sentence, and that a separate attempt to secure a new trial had been denied.

The report also points to recent social media activity that appears increasingly aligned with Trump, while recalling that Trump previously said he did not plan to pardon Bankman-Fried. That tension highlights the uncertainty surrounding clemency applications: even when a pardon request is formally filed, the political and procedural outcome remains far from guaranteed.

For the broader crypto industry, this matters less for immediate market mechanics and more for precedent. Outcomes in high-profile cases often influence how regulators, courts, and market participants think about accountability, risk disclosures, and the long-term relationship between crypto firms and enforcement.

Looking ahead, the main threads to follow are whether tokenized equities can scale smoothly from headline deals like SpaceX into a broader primary-market pattern, whether RWA growth continues to outpace crypto’s macro-driven volatility, and how quickly prediction platforms can sustain volume growth while the legal process around major exchange founders continues in parallel.

Bitcoin pushed into fresh local highs around $64,000 during the early US session on Friday, helped by a modest improvement in broader risk sentiment tied to hopes of a US–Iran de-escalation. Even so, analysts flagged that some widely watched technical levels may not be as dependable as they appear, keeping traders alert to the possibility of renewed volatility.

At the same time, equity markets appeared to “pause” at the open while attention turned to Wall Street’s calendar of major events, including SpaceX’s IPO preparation. Data from TradingView indicated BTC/USD holding gains through the move, but sentiment remained fragile as investors continued to weigh inflation-linked macro signals.

Key takeaways

• BTC/USD rallied toward $64,000 in US trading as risk-asset sentiment received a limited boost from US–Iran peace hopes.
• Macro backdrop remained mixed: inflation concerns and the strength of the labor market were both emphasized by market analysts.
• Rekt Capital cautioned that the 200-week SMA near $62,025 has historically failed to hold as reliable support.
• Bitcoin’s price action below prior 2021 all-time-high territory could still be working through a multi-month pattern, per Rekt Capital.

Risk assets steady while US–Iran headlines move the tape

TradingView data, as cited in Cointelegraph’s coverage, showed Bitcoin maintaining gains during the US session while crypto and risk-asset markets digested a stream of conflicting signals. The immediate catalyst was not a Bitcoin-specific development, but rather improving expectations around a potential US–Iran agreement.

However, the situation also carried uncertainty. At the time of writing, there was no definitive, official confirmation that negotiations would translate into a deal, and US President Donald Trump publicly disputed the Iranian side’s account. In a post on Truth Social, Trump wrote that the other side’s statements were “weak and pathetic” and said they “bears no relation to the truth.”

With headline-driven sentiment, BTC’s upside momentum appeared more like a reflection of broader positioning than the start of a durable trend shift. Traders often respond quickly to risk-on cues—yet when clarity is missing, those moves can reverse just as fast.

Inflation anxiety persists, but equities look for reasons to hold up

Beyond geopolitical headlines, market participants were also focused on the macro mix. Mosaic Asset Company, in its latest “Mosaic Chart Alerts” update, argued that equity markets seemed to “shrug off” inflation headwinds even as inflation and labor conditions remained central to the narrative for valuations and monetary policy.

According to Mosaic, strong economic data was giving stocks an additional reason to rally. The firm also pointed out that some of the air had been released from the outsized momentum in AI infrastructure stocks, while laggards that had fallen from late March lows appeared to be turning upward more recently.

This matters for Bitcoin because—despite crypto’s growing maturity—BTC still frequently trades as a high-beta asset during macro-driven sessions. If inflation fears intensify or policy expectations shift sharply, liquidity conditions can change quickly and affect how much risk investors are willing to allocate.

SpaceX IPO highlights how Wall Street event risk can shape market tone

US stock trading got underway as SpaceX moved closer to what’s described as the largest IPO in history. Cointelegraph previously reported the IPO’s setup, and in this session coverage noted that shares were slated to debut at $170, $45 above the initial IPO price.

While an IPO does not directly determine Bitcoin’s technicals, major Wall Street events can influence day-to-day sentiment and cross-asset flows—especially during sessions when inflation and geopolitics are already competing for attention. For traders, that backdrop can mean wider intraday swings and faster rotation between risk-on and risk-off positioning.

Technical scrutiny: $62,025 200-week SMA questioned

Even with BTC testing new local highs near $64,000, some market participants remained cautious. Trader and analyst Rekt Capital zeroed in on Bitcoin’s long-term 200-week simple moving average (SMA), which was cited near $62,025.

Rekt Capital’s view was straightforward: Bitcoin is treating that 200-week SMA as support, but the level has “historically proven to be an unreliable support,” with price breaking down from it over time. In other words, the fact that BTC is above or near a major moving average does not automatically guarantee a stable floor.

Rekt Capital also pointed to another potential friction point: BTC/USD has dropped below old all-time highs from 2021. He suggested that this deviation often takes months to “fully develop” into a bear-market bottom, implying that the current phase may not be finished.

In a subsequent comment, Rekt Capital quantified the distance from those prior highs, stating that Bitcoin had deviated about -14% below old all-time-high levels thus far and that the process is “still technically ongoing” and could continue for a while.

For investors, the practical takeaway is not that BTC is destined to decline, but that the market may be in a longer adjustment period where support levels—especially those defined by higher-timeframe averages—are more likely to be tested than to provide certainty.

Going forward, traders will likely watch two things closely: whether BTC can sustain strength as macro headlines evolve, and whether the 200-week SMA around $62,025 continues to hold better than it has in past cycles. With geopolitical clarity still incomplete and macro data capable of shifting quickly, the next confirmed moves may come from broader risk sentiment as much as from Bitcoin-specific catalysts.

TLDR:

• Binance recorded 465M XRP in large outflows between June 3 and June 11, 2026.
• Withdrawals exceeding 1M XRP have grown more frequent since early June this year.
• XRP entered a key support zone near $0.70-$0.90 after dropping to $1.04 in June.
• Weekly resistance near $1.45-$1.78 must be reclaimed for a bullish reversal signal.

XRP is under fresh selling pressure near $1.14, yet on-chain data points to a contrasting trend. Large holders have been pulling significant amounts off Binance throughout June. The pattern raises questions about liquidity, accumulation, and where XRP heads next.

Binance Withdrawals Signal Shifting Market Structure

Exchange data shows a notable rise in large XRP withdrawals from Binance since early June. Transactions exceeding 1 million XRP each have become more frequent during this period.

Between June 3 and June 11, Binance recorded roughly 465 million XRP in large outflows. This volume reflects sustained activity rather than a single isolated event.

Source: Cryptoquant

The repetition across multiple days makes this withdrawal trend worth tracking closely. Whale-sized transactions are again playing a visible role in XRP’s broader market behavior.

Such movements often draw attention from traders watching exchange reserve levels. Consistent outflows can signal changing strategies among larger XRP holders.

Large withdrawals do not automatically confirm accumulation by themselves. However, they can reduce the XRP supply sitting on exchange order books.

Lower exchange liquidity sometimes creates contrast with short-term price weakness. When holders move coins away from trading venues, available sell-side supply may shrink.

Whether this outflow trend continues remains an open question for now. Reduced exchange liquidity could potentially support XRP stabilization following its recent decline.

Market participants will likely watch upcoming daily outflow figures for confirmation. The coming days may clarify whether this pattern persists or fades.

Technical Outlook Points to Key Support Zone

Beyond exchange flows, technical analysis offers additional context for XRP’s current position. According to analyst ChartNerd, XRP spent much of 2023 through late 2024 below resistance near $0.70 to $0.80.

That zone acted as a ceiling until a breakout occurred in the fourth quarter of 2024. The breakout eventually led toward XRP’s all-time high in July 2025.

Momentum faded after that peak, with key moving averages giving way. A weekly EMA death cross confirmed a broader trend shift afterward.

This shift opened a path from January 2026’s $2.40 high down toward February’s $1.12 low. Since February, XRP has traded sideways with occasional relief rallies.

Price faced rejection near the 20-week EMA around $1.55 recently. That rejection contributed to the current decline toward June’s $1.04 low.

XRP has now entered a region ChartNerd describes as an area of interest. This zone spans roughly $0.70 to $0.90 and may offer macro support.

The analyst noted this area could become a flipped support level. Prior resistance from 2023 and 2024 may now function as support. Confirmation of a bottom has not yet occurred, according to the analysis.

Weekly resistance levels near $1.45 to $1.78 remain key markers for any reversal. Until reclaimed, the broader trend favors caution over confirmed bullish signals.

Bitcoin has fallen to 15th place among global assets by market capitalization.

• Bitcoin ranked 15th among global assets, below SpaceX, Tesla, Meta, Samsung, and Saudi Aramco.
• BTC traded near $63,849, giving the asset a market value of about $1.275 trillion.
• Bitcoin remained 49.45% below its $126,198.07 all-time high recorded on Oct. 6, 2025.

CompaniesMarketCap data placed BTC below several technology companies, Saudi Aramco, and newly listed SpaceX. The ranking came as Bitcoin traded near $63,800 with a market value of about $1.275 trillion.

Bitcoin falls behind as technology stocks dominate rankings

According to CompaniesMarketCap, gold remained the largest global asset, valued at over $29 trillion. NVIDIA ranked second with about $4.96 trillion, while Alphabet, Apple, and silver also ranked above Bitcoin. Samsung, Meta, Tesla, Saudi Aramco, and SpaceX also stood ahead of BTC in the latest list. The data shows a wide gap between Bitcoin and the largest listed assets. 

Source: CompaniesMarketCap

NVIDIA’s market value stood nearly four times above Bitcoin’s valuation. SpaceX also entered the Bitcoin market after its public listing, valued the company at about $1.277 trillion. Technology companies continued to hold several top positions in the market-cap list. NVIDIA, Alphabet, Apple, Meta, Samsung, and Tesla all ranked above Bitcoin. 

Their valuations showed stronger market demand for AI, chips, software, and large technology platforms. Bitcoin’s latest position followed weaker relative performance against top equities and new public listings. Traders now track whether BTC can regain ground after losing rank. CompaniesMarketCap data placed Bitcoin at 15th, as SpaceX and major technology names held higher valuations.

Bitcoin’s price stays near $64K as the price remains far below the record high

A brief dive into the history reveals that the Bitcoin price trades 49.45% below its all-time high. CoinMarketCap data shows Bitcoin reached a record price of $126,198.07 on Oct. 6, 2025. Despite remaining well below that peak, the cryptocurrency has maintained its position above the $63,000 level during the latest trading session. At the time of reporting, Bitcoin traded at $63,849.01, representing a 0.62% gain over the past 24 hours. 

Source: CoinMarketCap (Bitcoin Price)

During the early stages of the period, the Bitcoin price fluctuated around the $63,300 region. The price then recorded multiple advances and pullbacks while remaining close to its intraday average. Those movements produced a series of alternating green and red segments across the chart. Later, Bitcoin moved lower and briefly fell below the $63,000 mark. The decline pushed the price to the session’s lows before a recovery followed. After reaching that low point, the cryptocurrency regained lost ground and returned above $63,250.

The strongest move appeared during the latter part of the session. Bitcoin climbed sharply and briefly exceeded $64,250 before retreating from that intraday peak. The price then settled into a narrower range between roughly $63,700 and $64,000. As trading progressed, volatility eased compared with the earlier rally. Bitcoin continued posting modest fluctuations while holding near the upper end of the daily range. By the end of the observed period, the asset traded at $63,849.01, retaining most of its late-session advance and remaining comfortably above the day’s lowest levels.

Key Takeaways

• Trading under ticker SPCX, SpaceX shares jumped approximately 30% above the $135 IPO price on debut day
• With $75 billion raised, the offering shattered Saudi Aramco’s previous IPO record from 2019
• The public listing propelled Elon Musk’s net worth past $1 trillion, a historic first
• Optimistic analysts view the company as an integrated AI and aerospace powerhouse; skeptics highlight the $4.94 billion 2025 loss
• Corporate structure gives Musk 80–85% voting control, raising concerns among institutional investors

Space Exploration Technologies Corporation made its Nasdaq debut Friday trading under SPCX, with shares jumping roughly 30% from the initial public offering price of $135. Early indications placed the opening price near $175, catapulting the company’s market capitalization to roughly $2.29 trillion.

The public offering generated $75 billion in capital, establishing a new benchmark as the biggest IPO ever executed. This figure dwarfs the previous record holder, Saudi Aramco, which raised $26 billion five years ago.

From his location at Starbase in South Texas, Elon Musk participated in a ceremonial bell-ringing to commemorate the trading launch. According to Forbes calculations, the listing pushed Musk’s personal wealth beyond the $1 trillion threshold, establishing him as humanity’s first trillionaire.

SpaceX set the share price at $135 and issued 555.56 million shares to the public. Reports suggest retail investor demand exceeded $100 billion, while BlackRock submitted a single institutional purchase order worth $5 billion.

Breaking from convention, the aerospace company reserved 30% of available shares for individual retail investors, a rare allocation in offerings of this magnitude. Management also bypassed the standard roadshow presentations investment banks normally conduct to assess market appetite.

Core Business Operations

Established in 2002, the company’s stated objective centers on establishing human presence across multiple planets. The Starlink broadband internet system now provides connectivity to subscribers in 164 nations and generates approximately 60% of the firm’s $18.67 billion in 2025 revenues.

According to company disclosures, SpaceX launches have represented over 80% of total orbital payload mass during the preceding three years. The Starlink network currently maintains service for around 10.3 million customers through a constellation comprising 9,600 active satellites.

Early in 2026, SpaceX finalized a combination with Elon Musk’s artificial intelligence venture xAI. Oppenheimer emerged as the first prominent financial institution to publish coverage, assigning an outperform recommendation with a $190 price objective. New Street Research established a 12-month valuation target at $165.

Goldman Sachs forecasts envision AI-related revenues potentially expanding 100-fold to reach $322 billion by 2030, though analysts acknowledge substantial uncertainty surrounding these projections.

Skeptical Perspectives

Critical voices question whether current valuations reflect fundamental economics. Morningstar assigned SpaceX an intrinsic value of merely $63 per share, characterizing the public offering as “significantly overvalued.” Finance professor Aswath Damodaran calculated enterprise value at $1.22 trillion, substantially below the IPO-implied valuation.

Prominent short seller Jim Chanos declared the company doesn’t merit a $1.75 trillion valuation “based on any reasonable assumptions.” He observed SpaceX currently trades at approximately 90 times sales, contrasting sharply with Tesla’s 14 times multiple.

Financial statements reveal SpaceX recorded a $4.94 billion net loss during 2025, reversing the $791 million profit generated in 2024. The deficit followed the xAI combination. Revenues climbed 33% compared to the prior year.

Elon Musk maintains an estimated 80–85% of voting authority, substantially limiting public shareholder influence. Pension administrators in California and New York submitted correspondence opposing the offering’s governance framework, highlighting super-voting share classes and compulsory arbitration replacing traditional shareholder litigation rights.

S&P Global rejected requests to expedite SpaceX entry into the S&P 500 index, suggesting passive fund inflows may materialize more gradually than certain market participants anticipated. Nasdaq modified its regulations to permit accelerated inclusion in Nasdaq-affiliated index products, with qualification potentially occurring within 15 days following the listing.