New research from Galaxy Digital suggests that Bitcoin’s cycle low could form at higher price levels than previous bear markets due to the absence of speculation. The analysis places the potential bottom between $62,000 and the network’s realized price at $53,600.

Galaxy head of research Alex Thorn analyzed every Bitcoin cycle top and bottom and noted that the four-year cycle continues to track closely with BTC’s historical timing. The peak-to-trough declines have steadily narrowed across market cycles, falling from 85% and 84% in earlier periods to 77% in 2022 and 51% in 2026. 

Bitcoin’s four-year cycle peak-trough analysis. Source: Galaxy Research/X

Thorn argued that Bitcoin’s October 2025 top differed from previous cycle peaks. Only two of eleven traditional topping indicators flashed, while the widely followed Pi Cycle Top indicator failed to trigger for the first time. Bitcoin’s MVRV ratio, which compares market value to realized value, peaked at 2.29, compared with 2.93 to 5.91 in prior cycles. The analyst said, 

“The key insight: a calm top RAISES the floor. Because October’s top was so muted, the network’s cost basis sits at 43.7% of ATH, vs ~34%, 21%, and 17% in prior cycles.”

The report also found that several key bottoming signals are still absent. Only four of thirteen indicators have triggered so far, with most of the stronger signals yet to appear.

BTC cycle bottom indicator list. Source: Galaxy Research/X

Historical timing also points to the possibility of a bottom ahead. The previous cycle bottoms formed roughly 12 to 13 months after the market peak, while the current drawdown is about eight months old.

Thorn noted that, based on the current cost basis of $53,600, Galaxy estimates a base-case bottom range of $40,000 to $46,000. A deeper “washout scenario” points to $30,000-$37,000, while a shallower decline could hold near $51,000-$54,000. Despite the scenarios, Thorn also warns, 

“The catch: the floor can move. cost basis is reflexive. in a real panic, coins change hands at a loss and drag the average down. A 10-30% cost basis decline pulls the implied floor from ~$40k back toward $28k.”

Bitcoin bottom range based on realized price analysis. Source: Galaxy Research

Related: Big Tech crash, oil volatility rattles markets: Will Bitcoin hold above $60K?

Bitcoin demand still trends lower: CryptoQuant

Onchain analysis from CryptoQuant currently places Bitcoin inside a valuation zone historically associated with major bear-market lows. BTC recently traded near $59,000, leaving it roughly 9% above its realized price of $53,600. 

Bitcoin value zone based on realized price bands. Source: CryptoQuant

Past cycle bottoms, including the November 2022 FTX-driven sell-off, formed at or slightly below the realized price, suggesting the bottom range may again fall below the cost basis of $53,600 and overlap with Galaxy’s base projection between $46,000 and $40,000. 

Demand data paints a more cautious picture. CryptoQuant reported a combined weekly decline of 652,000 BTC across speculative futures demand and apparent spot demand, marking the sharpest contraction since January 2022. The firm’s one-year demand gauge has also turned negative, signaling fewer BTC buyers than a year ago.

Related: Bitcoin surfs SpaceX IPO at $64K as trader warns key BTC price support may crumble

Blockworks, a crypto data and media company, has acquired Messari in a deal valued at more than $10 million, according to a Wall Street Journal report. The transaction comes at a steep discount to Messari’s prior valuation and highlights how weaker market conditions have reshaped the cryptocurrency research and analytics space.

Messari, which is backed by investors including Brevan Howard Digital and Point72 Ventures, previously raised $35 million in a Series B funding round in 2022 that valued the firm at roughly $300 million. The Wall Street Journal said the purchase price reflects both Messari’s recent operational challenges and broader weakness across the crypto sector.

Key takeaways

• Blockworks acquired Messari for more than $10 million, a figure framed by the Wall Street Journal as a major discount.
• Messari’s earlier $300 million valuation from its 2022 Series B contrasts sharply with the reported deal size.
• The acquisition is intended to expand Blockworks’ combined data, research, compliance, and investor-relations offerings.
• Blockworks says Messari’s existing enterprise users and APIs will continue to operate without interruption after the deal.
• The deal fits a wider pattern of consolidation across crypto market data and research platforms.

Why Blockworks is buying Messari

Blockworks said in a blog post announcing the acquisition that Messari supplies data coverage for more than 40,000 digital assets and operates an API used by investors, exchanges, and developers. Blockworks also positioned the merger as a way to broaden the scope of its market data and research products, while strengthening adjacent areas such as compliance support and investor communications.

For customers, an important practical detail is continuity. In a post on X, Messari said existing users would continue to receive uninterrupted access to its enterprise services and APIs following the acquisition. That matters in a sector where data feeds and analytics workflows are often integrated into institutional dashboards, compliance routines, and trading-related research systems.

A discount tied to shifting company strategy

While the Wall Street Journal attributed the steep discount to Messari’s struggles, the company’s internal changes also point to a strategic pivot. Earlier this year, Messari replaced CEO Eric Turner with Diran Li and reduced headcount as part of a broader transition toward an “AI-first” approach. In a LinkedIn post announcing the leadership change, Li said the company had “parted ways with many teammates” while moving toward an AI-first model.

Messari was founded in 2018 and began as a crypto research and analytics firm, later expanding its footprint across enterprise-grade data and research use cases. The reported acquisition price—over $10 million—therefore suggests that Messari’s ability to maintain growth and market momentum deteriorated after its 2022 fundraising at a much higher valuation.

Consolidation accelerates across crypto intelligence

The Blockworks-Messari deal is part of a larger wave of consolidation among firms that sell crypto market data, research, and analytics to institutional users.

Earlier this month, Paris-based crypto data provider Kaiko acquired Amberdata, a US-focused digital asset data company. Kaiko said the move would expand its derivatives analytics, onchain data coverage, and AI-powered research tools, while strengthening service offerings for institutional clients such as banks, asset managers, hedge funds, and exchanges. Amberdata’s derivatives analytics and options data products were expected to complement Kaiko’s platform.

In January, oracle provider RedStone acquired Security Token Market and its TokenizeThis conference, adding a dataset covering more than 800 tokenized assets across categories including equities, real estate, debt, and funds as RedStone extended its institutional data business.

More recently, the Jito Foundation acquired SolanaFloor, a Solana-focused news, research, and analytics platform, after it shut down following a $40 million treasury wallet breach at parent company Step Finance. The deal reportedly revived the publication and kept its editorial team in place.

Together, these transactions underscore a sector-level dynamic: as budgets tighten and competition for institutional attention grows, scale and integrated data offerings increasingly determine which platforms can stay independent. Even when editorial teams or specialized datasets survive, buyers can consolidate distribution, infrastructure, and product roadmaps under a single umbrella.

What to watch after the deal

For market participants relying on Messari’s enterprise services, the immediate watch item is how Blockworks integrates Messari’s coverage—especially the breadth of its dataset across thousands of assets—and how it aligns that with Blockworks’ research and compliance positioning. More broadly, investors and developers should monitor whether the “AI-first” transition that Messari pursued earlier translates into new product capabilities or remains largely a cost-and-operations realignment under a larger data provider.

TLDR:

• Nearly 3 million ETH is waiting to enter staking, creating an estimated 50-day validator queue.
• Ethereum’s validator exit queue has dropped near zero, showing limited interest in unstaking ETH.
• Bitmine added 125,000 ETH to its treasury as institutional accumulation remains in focus.
• ETH faces resistance below $1,700 while traders monitor major liquidation zones on both sides.

Ethereum’s staking activity is showing continued participation despite recent price weakness. Validator exit demand has nearly disappeared, while millions of ETH are waiting to enter staking. The trend comes as Ethereum trades near $1,667 after a modest recovery from recent lows.

ETH has gained about 2% over the past 24 hours after touching local lows near $1,524. Even so, the asset remains under pressure and is down more than 21% during June. Market participants are also watching key liquidation zones and upcoming network developments.

Ethereum Staking Demand Continues to Rise

Ethereum staking data points to growing long-term participation across the network. The validator exit queue has fallen close to zero, meaning stakers can withdraw their ETH within minutes if they choose.

At the same time, demand to join the validator set continues to expand. Nearly 3 million ETH is currently waiting to enter staking. The backlog has pushed estimated waiting times to around 50 days for new participants.

A post shared by Ethereum Daily drew attention to the trend. The account noted that few validators are leaving the network while more participants continue seeking staking access.

The post stated that low exit activity combined with rising staking demand reflects continued confidence among ETH holders. The growing queue also suggests many investors remain willing to lock their assets despite recent market volatility.

Meanwhile, corporate accumulation has added another layer to market activity. Bitmine reportedly purchased 125,000 ETH in recent days, expanding its Ethereum treasury position.

Bitmine Chairman Tom Lee described the recent market decline as superficial. However, he also indicated that the company’s aggressive buying phase could be nearing its end.

Price Faces Resistance as Developers Prepare New Upgrades

Ethereum remains below the closely watched $1,700 level. The asset is also trading under its 50-day and 100-day exponential moving averages, keeping the broader trend under pressure.

Liquidation data from Coinglass shows large leveraged positions surrounding current price levels. A decline below $1,590 could trigger approximately $767 million in long liquidations.

Conversely, a move above $1,756 may force roughly $701 million in short liquidations. As a result, traders are closely monitoring both levels for potential volatility.

Analysts also continue watching support around $1,600. Failure to secure a daily close above that area could expose ETH to lower targets near $1,365.

Beyond price action, Ethereum developers are preparing the Glamsterdam upgrade scheduled for the third quarter of 2026. The planned hard fork aims to improve scalability, optimize transaction routing, and reduce network data costs.

Development discussions are also advancing around the proposed Hegotá upgrade. Among the proposals under consideration is EIP-8182, which focuses on native privacy transfers.

At the foundation level, Ethereum co-founder Vitalik Buterin recently outlined a framework known as CROPS. The initiative focuses on censorship resistance, privacy, and security while supporting Ethereum’s long-term network goals.

As staking demand grows and development work progresses, market participants continue balancing network fundamentals against ongoing price pressure.

Ethena Labs has planned a $250 million allocation to Securitize’s tokenized AAA-rated CLO fund as the product expands to Solana.

According to a June 12 press release, the Securitize Tokenized AAA CLO Fund (STAC) is now available on Solana, extending access to a fund focused on U.S. dollar-denominated AAA-rated collateralized loan obligation tranches sourced from both primary and secondary markets. The company said Ethena Labs intends to commit $250 million to the fund as demand grows for institutional-grade real-world assets that can be used within onchain financial markets.

Developed with BNY, which acts as custodian of the underlying assets and serves as sub-adviser through BNY Investments, STAC follows a fundamentals-based strategy and does not employ leverage. Fund managers invest substantially all assets in floating-rate CLO debt with the goal of generating risk-adjusted returns through exposure to structured credit.

Carlos Domingo, co-founder and chief executive officer of Securitize, said the expansion brings one of the world’s largest fixed-income markets onto one of blockchain’s most active networks.

“Tokenization is most powerful when it combines quality assets with the speed, efficiency and accessibility of blockchain infrastructure,” Domingo said. 

“Expanding STAC to Solana brings one of the largest fixed-income markets in the world onto one of the most active blockchain ecosystems. Ethena’s planned allocation further demonstrates how tokenized real-world assets are becoming core infrastructure for the next generation of finance.”

Ethena deepens exposure to tokenized assets

For Ethena, the planned allocation adds another institutional credit strategy to its growing footprint across onchain finance. Guy Young, founder of Ethena, said tokenized real-world assets could become an important component of capital-efficient financial systems as blockchain-based finance continues to mature.

“Our planned allocation to STAC reflects our conviction that institutional-grade credit products can become foundational components of the onchain economy,” Young said.

Recent developments have already increased Ethena’s reach across crypto financial infrastructure. Earlier this month, Coinbase introduced a High Yield USDC vault powered by Morpho and curated by Steakhouse Financial. Coinbase stated that the lending product includes Ethena-related assets within its collateral framework, creating another distribution channel for the protocol through the exchange’s onchain lending services.

At the same time, tokenized asset issuers continue to look for new blockchain networks capable of supporting institutional activity. Nick Ducoff, head of institutional growth at Solana Foundation, said the launch highlights the growing connection between traditional financial products and blockchain-based markets.

“Solana is the premier destination for institutional capital moving onchain,” Ducoff said. “The launch of STAC on Solana highlights the growing convergence between traditional financial assets and blockchain-based markets.”

With global CLO issuance exceeding $1.3 trillion, according to figures cited by Securitize, the company said tokenization can reduce operational hurdles associated with institutional credit investing while improving settlement, ownership tracking, and distribution.

The latest product expansion comes weeks after Securitize secured U.S. Securities and Exchange Commission clearance for its planned merger with Cantor Equity Partners II. The transaction is scheduled for a shareholder vote on June 29 and would allow the tokenization firm to begin trading on the New York Stock Exchange under the ticker SECZ if approved.

Company disclosures show Securitize oversees more than $4 billion in tokenized assets and services roughly 650 funds through its fund administration platform. Partnerships with firms including BlackRock, Apollo Global Management, KKR, Hamilton Lane, and VanEck have positioned the company among the largest infrastructure providers in the real-world asset sector.

Crypto data and media company Blockworks has acquired analytics firm Messari for more than $10 million, according to a Wall Street Journal report.

Messari is a crypto research and analytics company backed by investors including Brevan Howard Digital and Point72 Ventures. The company raised $35 million in a Series B funding round in 2022 that valued it at around $300 million.

Source: Messari

According to The Wall Street Journal, the steep discount reflects both Messari’s recent struggles and broader weakness across the crypto sector.

Earlier this year, Messari replaced CEO Eric Turner with Diran Li and reduced headcount as part of a broader shift toward artificial intelligence. In a LinkedIn post announcing the change, Li said the company had “parted ways with many teammates” while transitioning to an “AI-first company.”

Source: LinkedIn, Diran Li

Founded in 2018, Blockworks began as a crypto media and events company before expanding into research and data products. In April, the company announced a Series A extension at a $192 million valuation.

In a blog post announcing the acquisition, Blockworks said Messari provides data coverage for more than 40,000 digital assets and operates an API used by investors, exchanges and developers. The company said the combined business would expand its market data, research, compliance and investor-relations offerings.

In a separate post on X, Messari wrote that existing users would continue to have uninterrupted access to its enterprise services and APIs following the deal.

Related: Metaplanet to form securities arm through Siiibo acquisition

M&A activity reshapes crypto intelligence sector

The Blockworks-Messari deal comes amid a broader wave of consolidation across crypto data, research and media platforms.

Earlier this month, Paris-based crypto data firm Kaiko acquired Amberdata, a US-focused digital asset data provider, to expand its offerings in derivatives analytics, onchain data and AI-powered research tools.

Kaiko said the acquisition would help it serve institutional clients including banks, asset managers, hedge funds and exchanges, while adding Amberdata’s derivatives analytics and options data products. The company described the transaction as part of a broader strategy to consolidate institutional-grade crypto market data and analytics.

In January, blockchain oracle provider RedStone acquired Security Token Market and its TokenizeThis conference, adding a dataset covering more than 800 tokenized assets across equities, real estate, debt and funds as it expanded its institutional data business.

A few months later, the Jito Foundation acquired SolanaFloor, a Solana-focused news, research and analytics platform, after it shut down following a $40 million treasury wallet breach at parent company Step Finance. The deal revived the publication and kept its editorial team in place.

Magazine: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?

SpaceX has surged as much as 20% after its record-breaking Nasdaq debut, pushing its valuation above $2 trillion and triggering one of the largest waves of tokenized stock activity seen across crypto markets.

After pricing its initial public offering at $135 per share, SpaceX opened at $150 and climbed to as high as $173.22 during early trading. The company raised approximately $75 billion in the largest IPO on record, valuing the aerospace giant at around $1.77 trillion at listing before the market capitalization crossed the $2 trillion mark.

The rally immediately placed SpaceX among the most valuable companies in the United States, ahead of firms including Meta, Tesla, and Broadcom. Investor demand remained exceptionally strong throughout the offering process, with reports indicating orders exceeded $350 billion before trading began.

Crypto markets became a parallel venue for SpaceX trading

While the IPO dominated Wall Street headlines, it also sparked a frenzy across crypto markets as traders sought exposure through tokenized shares, synthetic assets, and derivatives products.

Earlier reporting by crypto.news noted that Backpack Securities and Sunrise launched SPCX, a Solana-based token backed by underlying SpaceX shares that eligible users can convert into actual stock. Binance Wallet also attracted roughly $557 million in subscription funds for its SpaceX-linked campaign, which offered tokens at an indicative price of 135 USDC before fees.

Interest spread beyond tokenized shares into derivatives markets. Hyperliquid’s synthetic SPCX perpetual contract became one of the most actively discussed products tied to the listing, with implied valuations trading above the IPO price before the debut. The activity coincided with HYPE futures open interest climbing to $2.56 billion, allowing Hyperliquid to overtake XRP in futures open interest.

Elsewhere, Velvet became one of the biggest beneficiaries of the SpaceX narrative. The token rallied more than 1,400% over the past week after the platform promoted synthetic SpaceX exposure through its SPCX market.

Prediction markets also joined the speculation. A Polymarket contract tracking SpaceX’s closing valuation showed traders assigning roughly 78% odds that the company would finish its debut session with a market capitalization between $2 trillion and $2.5 trillion.

Analysts warned of crypto outflows but markets moved higher

Some market participants had expected the largest IPO in history to divert capital away from digital assets.

Speaking to Reuters, Spencer Hallarn, global head of over-the-counter trading at GSR, said crypto often serves as a funding source for major investments.

“We’ve got to find $75 billion for this IPO, and it’s got to come from somewhere,” Hallarn said.

Thomas Puech, chief executive of crypto firm INDIGO, similarly told Reuters that SpaceX could draw money away from digital assets because both markets compete for the same pool of risk capital. According to Puech, artificial intelligence investments currently represent a more attractive trade for many growth-focused investors.

So far, however, little evidence suggests a broad crypto liquidity drain has materialized. The global cryptocurrency market capitalization rose 1.7% to $2.26 trillion during the session. Bitcoin gained roughly 2%, Ethereum added 1.8%, XRP rose 2.2%, and Solana advanced 3.5%.

Stablecoins also showed little sign of stress. USDT maintained a market capitalization of roughly $186.8 billion while USDC remained near $74.8 billion, with both assets holding close to their dollar pegs.

SpaceX’s valuation remains a subject of debate despite the strong debut. Morningstar analysts have estimated a fair value of roughly $63 per share, far below the IPO price, while some bullish forecasts have projected a move toward $190.

Senator Elizabeth Warren also urged the SEC to delay the offering, citing what she described as “unprecedented threats to investor protection and market integrity,” while questioning the company’s valuation, governance structure, and reported multibillion-dollar losses.

For crypto markets, the bigger takeaway may be what happened around the IPO rather than the stock itself. Instead of draining liquidity from digital assets, SpaceX helped create a new trading narrative centered on tokenized equities, synthetic shares, and prediction markets.

With options on SpaceX shares expected to begin trading next week and investors already looking toward potential future listings from companies such as OpenAI and Anthropic, market participants are now watching whether the surge in tokenized stock activity can outlast the excitement surrounding the largest IPO in history.

Bitcoin (BTC) is gaining buyers’ interest after setting a new yearly low at $59,000 last week. Order book data and liquidity suggest a rally is pending and more than $2 billion in short liquidity is concentrated near $65,000. BTC’s bid-ask ratio has remained positive since last Friday. 

The shift in positioning and sentiment also aligns with a bullish chart pattern targeting the $67,000–$70,000 range. 

BTC bulls attempt to regain control near support

Bitcoin’s recent rebound to $63,500 followed a bullish divergence between the price and the relative strength index (RSI) on the four-hour chart. The price printed a lower low during the early-June sell-off while the relative strength index (RSI) formed a higher low. The signal pointed to fading downside momentum before buyers stepped in.

BTC/USD, four-hour chart. Source: Cointelegraph/TradingView

Bitcoin is also trading within an ascending triangle pattern. A confirmed breakout may target the daily fair value gap between $67,500 and $70,500, an area of trading imbalance or liquidity gap left behind during the recent market correction. 

The order book activity supports the move. Data from Hyblock shows the bid-ask ratio remained positive at 0.05 after Bitcoin tagged its yearly low at $59,000 last Friday. The metric tracks aggressive buying and selling activity. A positive reading suggests buy-side market orders have been slightly outpacing sell-side orders.

BTC price, bid-ask ratio, spot CVD. Source: Hyblock

The cumulative volume delta (CVD) data adds another layer of support. Smaller cohorts (up to $10,000 and $100,000 orders) have shown improving buying activity with $53 million and $157 million, respectively, while the largest participants ($100,000-$10 million) have significantly reduced net selling pressure by $900 million. 

Crypto analyst Kripto Holder highlighted a $2.68 billion short-liquidity cluster near $64,600, calling it the primary upside liquidity pool. 

The analyst said Bitcoin’s ability to hold above $63,000 following renewed conflict in the US-Iran war adds weight to the recovery case. Spot CVD inflows also indicate demand from spot buyers.

Related: Metaplanet to form securities arm through Siiibo acquisition

BTC needs to reclaim $66,000 soon: Analyst

Market analyst PILTR noted that BTC’s long exposure has gradually increased over the past five days. The current positioning tracks 237 long levels against 128 short levels, creating an estimated $4 billion positive imbalance.

Those price levels closely align with analysis from crypto trader Ardi, who argued that Bitcoin is still trading within a bear pennant following its decline from $83,000 to $59,000. The analyst identified $64,000 and $66,000 as the two most important levels for the current recovery.

BTC/USD, four-hour analysis by Ardi. Source: X

According to Ardi, a move above $64,000 would clear both horizontal resistance and the pennant structure, giving Bitcoin additional room to the upside. The next hurdle sits near $66,000, a former major range support level that now acts as resistance. 

Reclaiming that area would strengthen the case for a move into the liquidity zone above the price and the unfilled fair value gap between $68,000 and $70,000.

However, PLTR also flagged weekend positioning as a near-term variable. The analyst noted that weekly profit-taking often creates opposing flows into weekends, especially after a sustained build-up in long exposure. 

Related: Bitcoin miner ‘capitulation’ comes as trader sees later 2026 bear-market bottom

Bitcoin climbed above $64,000 on June 12 as improving market sentiment and bullish technical signals challenged a recent Galaxy Digital forecast that the cryptocurrency may not bottom until the fourth quarter.

The rebound comes just days after Galaxy Digital’s head of research, Alex Thorn, warned that Bitcoin’s correction may have further to run despite recovering from its June low near $59,000.

In a recent analysis, Thorn argued that historical cycle data suggests the market has yet to experience the type of capitulation typically seen at major cycle bottoms.

“By the way, the ‘4 year cycle’ currently appears to be very, very real,” Thorn wrote on X, adding that if the current drawdown follows previous cycles, “we would expect a bottom to hit in Q4 2026.”

Galaxy’s analysis outlined several possible bottom scenarios. The firm sees a shallow bear market ending around $51,000 to $54,000, a base-case bottom between $40,000 and $46,000, and a harsher washout that could drag Bitcoin into the $30,000 to $39,000 range.

Bitcoin forms bullish reversal pattern near $65k resistance

However, current market data suggests traders are increasingly positioning for a recovery rather than another sharp leg lower.

On the 4-hour chart, Bitcoin has formed a series of higher lows since bouncing from the June trough near $59,173. Price is now pressing against resistance around $64,900, which coincides with the 0.618 Fibonacci retracement level of the recent decline. A breakout above that area could expose the next resistance zones near $66,700 and $68,500.

Market commentator BATMAN highlighted the developing setup on X, noting that Bitcoin is forming a “textbook inverse Head & Shoulders beneath descending resistance.” According to the analyst, a breakout above the neckline could trigger the next expansion higher.

Momentum indicators show early signs of stabilization. The Chaikin Money Flow indicator has moved back above zero on the 4-hour chart, signaling renewed capital inflows, while the daily MACD histogram has begun to contract from recent lows, suggesting bearish momentum may be losing strength.

Derivatives markets are also showing growing confidence. Bitcoin’s open interest rose 0.12% over the past day to $46.13 billion, while the weighted funding rate remained positive at 0.0029%. The combination indicates traders are adding positions while maintaining a modest bullish bias rather than aggressively betting on further downside.

ETF outflows and cycle data keep the bearish case alive

Institutional demand remains mixed. According to SoSoValue data, U.S. spot Bitcoin ETFs recorded $19.03 million in net outflows on June 11. BlackRock’s IBIT attracted $30.26 million of fresh capital, but those inflows were outweighed by withdrawals from products managed by Fidelity, Ark Invest, Bitwise, and VanEck.

The ETF data partly supports Galaxy’s cautious stance. Thorn’s report argues that several historical capitulation signals remain absent, including the widespread investor losses and panic selling that often accompany major cycle bottoms.

Yet the market’s recent behavior paints a more balanced picture. Bitcoin has defended the key $59,000 support region, derivatives traders are gradually increasing exposure, and technical indicators are beginning to stabilize after weeks of heavy selling pressure.

For bulls, the immediate level to watch remains the $64,900-$65,000 resistance zone. A decisive breakout could strengthen the case for a move toward $68,500 and potentially the psychological $70,000 level.

However, failure to clear resistance would keep focus on Galaxy’s warning that the correction may not be complete and that the ultimate cycle bottom could still lie months away.

Binance has canceled its SpaceX IPO campaign and announced full refunds after allocation issues disrupted one of the most anticipated tokenized stock offerings tied to the record-breaking public debut.

According to a June 12 announcement, Binance has canceled its SpaceX IPO subscription campaign due to circumstances outside its control and will return all USDC contributed by participating users.

The decision follows similar action from crypto exchange Bybit, which disclosed that it failed to receive any allocations after xStocks was unable to deliver the underlying assets associated with the offering.

Participating Binance users will also receive a share of $1 million worth of SpaceX bStocks tokens as compensation. The exchange said the rewards will be credited by June 18. Binance did not disclose whether it encountered the same allocation issues reported by Bybit or whether any SpaceX-linked shares were ultimately received from xStocks.

The disruption comes after Binance Wallet’s SpaceX IPO campaign attracted approximately $557 million in subscriptions, underscoring the intense demand generated by the aerospace company’s public listing.

Demand for SpaceX shares remains exceptionally strong

Elsewhere in the market, Bybit confirmed that all subscription funds would be returned to users’ original funding accounts after receiving no allocations from the offering.

The exchange stated that eligible participants would also receive an additional reward calculated using a 10% annual percentage rate over a fixed four-day period.

Interest in the IPO remained elevated throughout the allocation process. Investor orders exceeded $350 billion before trading began, while Bybit noted that the offering was oversubscribed by more than four times.

After pricing its initial public offering at $135 per share, SpaceX opened trading on Nasdaq at $150 and climbed as high as $173.22 during its first trading sessions. As reported by crypto.news, the rally pushed the company’s valuation above $2 trillion after it entered public markets with an initial valuation of roughly $1.77 trillion.

The strong debut quickly elevated SpaceX into the ranks of the largest publicly traded companies in the United States, surpassing firms including Meta, Tesla, and Broadcom by market value.

Tokenized stock activity continues despite allocation setbacks

Although some market participants had anticipated that the largest IPO in history could pull liquidity away from digital assets, crypto markets have so far shown little evidence of a significant capital drain.

Instead, the listing has fueled one of the busiest periods for tokenized stock products across crypto trading platforms. Exchanges and blockchain-based investment platforms have moved rapidly to offer synthetic or tokenized exposure to SpaceX as investor demand has extended beyond traditional equity markets.

Commenting on Binance’s decision, founder Changpeng “CZ” Zhao said in an X post, “Protect users when things don’t go as planned.”

Attention is now turning to the next phase of trading activity. With options on SpaceX shares expected to begin trading next week and investors already discussing future public listings involving companies such as OpenAI and Anthropic, market participants are closely watching whether tokenized equity products can maintain momentum after the initial excitement surrounding the historic SpaceX debut.