Elon Musk is requiring banks, law firms, and auditors competing for roles on SpaceX’s upcoming IPO to purchase subscriptions to Grok, his artificial intelligence chatbot — a mandate the New York Times reported Friday that some Wall Street firms have already agreed to, spending tens of millions of dollars annually.

The demand is not a suggestion. Four people familiar with the confidential discussions confirmed to the Times that Musk insisted on it. The leverage is precisely calibrated: access to advisory and underwriting roles on what could be the largest IPO in financial history.

According to Benzinga, the five active bookrunners — Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley — are the lead banks managing the deal. International institutions including Royal Bank of Canada, Mizuho Financial Group, and Macquarie Group are also participating, focused on share distribution in their respective markets.

Musk separately asked the banks to advertise on X, though people familiar with the matter said he was considerably less insistent on that point.

SpaceX acquired xAI in an all-stock deal in February 2026, folding the Grok chatbot and the X social network into its corporate structure. xAI was valued at $250 billion at the time of the transaction. Grok currently ranks fourth in the AI chatbot market, behind OpenAI’s ChatGPT, Anthropic’s Claude, and Google’s Gemini.

The subscription mandate effectively turns the IPO process into a forced distribution mechanism for xAI’s commercial product. With 21 banks involved across the deal, the financial institutions committing to subscriptions represent a significant and captive customer base that Musk appears to view as a distribution channel as much as a capital-raising partner.

It is not the only unconventional feature of the offering. Bankers involved in the deal are also reportedly considering waiving the traditional 180-day lock-up period that typically prevents insiders from selling shares immediately after listing — an arrangement that has drawn concern from some market observers about potential conflicts of interest.

Context

SpaceX is targeting a June Nasdaq listing at up to $1.75 trillion, with a raise of up to $75 billion. Despite nearly 23 years of operation, the company reported zero net earnings as of early 2026. IPO proceeds are earmarked for orbital data centers, a lunar base, and crewed Mars missions.

The SpaceX brand has historically been exploited in crypto markets through impersonation scams and copycat token launches, but the Grok subscription clause puts the company squarely in the center of a different kind of market conversation. As major institutions have accelerated capital movements across both traditional and digital asset classes, the SpaceX offering is now emerging as a defining test of how Wall Street adapts to Musk’s increasingly integrated financial, AI, and infrastructure empire.

Key Takeaways

• Binance spot market shows $451 million in net XRP accumulation while futures traders hold -$1.5 billion in bearish bets
• XRP currently trades near $1.31 after six straight months of red candles dating back to September 2025
• Network usage surged to 4.49 million daily transactions on April 2, with active wallets exceeding 200,000
• A descending wedge formation is tightening, with breakout confirmation requiring a move above $1.47
• March 2026 marked the first month of negative XRP ETF flows since U.S. products debuted in November 2025

XRP finds itself in a fascinating standoff between contrasting market forces. Physical buyers continue accumulating tokens, while derivative traders maintain aggressive bearish positions.

Data from Binance reveals spot Cumulative Volume Delta (CVD) has reached $451 million in positive territory. This metric represents actual capital flowing into physical XRP holdings. Conversely, Binance Perpetual CVD registers approximately -$1.5 billion, indicating substantial leverage-based short exposure. When examining the broader exchange landscape, aggregate CVD approaches -$1 billion in bearish positioning.

Market analysts identify this configuration as a classic pre-squeeze environment. As spot market participants continue absorbing sell pressure generated by derivatives positions, the available supply for downward price movement diminishes. Once this supply reaches critical depletion levels, short positions transform from strategic advantages into potential vulnerabilities.

As of April 3, XRP exchanges hands at $1.31, registering a modest 0.33% daily decline. The token has experienced six consecutive negative monthly closings without a single green candle since September 2025.

Technical Formation Nears Critical Decision Point

XRP’s daily chart reveals compression into a descending wedge apex, characterized by converging upper resistance and gradually ascending lower support trendlines. The daily MACD histogram currently reads -0.0222, maintaining bearish territory while showing signs of contraction—suggesting diminishing downward momentum.

Examining the 4-hour timeframe, the signal line has marginally crossed into positive terrain for the first instance since February. While a confirmed bullish MACD crossover remains pending, momentum indicators are displaying directional shifts.

Crypto analyst Ali Martinez highlighted via X that XRP “could offer a short-term buying opportunity” at current price levels within its broader multi-year ascending triangle pattern. However, he cautioned about a potential 30% correction scenario before any sustained long-term recovery materializes.

A confirmed daily close surpassing $1.47 would validate breakout momentum, establishing initial targets at $1.50 followed by $1.60. Alternatively, a breakdown beneath $1.27 would expose XRP to downside risk toward $1.14. Notably, approximately 19.6 million XRP tokens are concentrated between $1.27 and $1.28, establishing this range as the critical support zone requiring defense.

Blockchain Metrics Reach Unprecedented Levels

On-chain analytics paint a markedly different picture from price performance. The XRP Ledger processed 4.49 million successful transactions on April 2—representing a two-year record. Daily active addresses have rebounded above the 200,000 threshold. The total count of non-empty wallets recently surpassed 7.7 million, establishing a new benchmark in the ledger’s 13-year operational history.

Significant XRP volumes have migrated off exchanges in recent periods, with Binance alone witnessing $11.4 billion in outflows.

March 2026 represented a watershed moment as U.S. spot XRP ETF products recorded their first negative flow period since launching in November 2025. Meanwhile, aggregate open interest across all exchanges currently stands near $2.45 billion, reflecting an approximately 73% contraction from September 2025 peak levels.

Key Takeaways

• Ethereum Foundation has deposited 69,500 ETH into staking, leaving only 500 ETH to reach its 70,000 milestone
• More than $143 million worth of ETH is currently secured in the Beacon Deposit Contract
• ETH maintains trading activity around $2,050 with critical support established at $2,000 and resistance zones between $2,150–$2,200
• Spot ETH ETFs experienced $42.1 million in net outflows during the past week, including $53.3 million from BlackRock
• Korean retail investors are accumulating, evidenced by a positive Korea Premium Index reading

In a series of Friday transactions, the Ethereum Foundation (EF) deposited more than 45,000 ETH into staking contracts, with each transaction containing exactly 2,047 ETH. This substantial move elevated the foundation’s cumulative staked position to approximately 69,500 ETH — leaving just under 500 ETH remaining to achieve its publicly announced 70,000 ETH objective.

According to blockchain analytics platform Arkham Intelligence, Friday’s staking operations represented over $92.2 million in value. The foundation’s total holdings within the Ethereum Beacon Deposit Contract now exceed $143 million.

This staking initiative launched in February 2025, following a treasury management strategy the foundation outlined in June 2025. The strategic shift aims to generate staking rewards that will finance protocol development, research initiatives, and ecosystem grant programs, eliminating the need to liquidate ETH holdings for operational expenses.

The foundation’s staking timeline began with 2,016 ETH deposited in February, expanded to 22,517 ETH throughout March, and culminated with Friday’s substantial allocation.

However, co-founder Vitalik Buterin has expressed reservations about this methodology. In January 2025, he highlighted that by staking its treasury, the foundation would effectively be compelled to align with one faction during any disputed protocol upgrades or hard forks. Foundation representatives acknowledge this concern and are actively exploring mitigation strategies.

Price Action Maintains $2,000 Floor Amid Mounting Sell Orders

ETH currently trades in the vicinity of $2,050. The psychological $2,000 threshold has proven resilient as a support floor, withstanding numerous tests over recent weeks as buyers continue defending this critical level.

Derivatives market data reveals Ethereum’s net taker volume has shifted sharply negative, indicating a wave of aggressive market sell orders. This recent spike represents one of the most pronounced sell-side imbalances observed in weeks, occurring alongside approximately $1 billion in collective sell pressure throughout major exchanges.

Technical indicators show price action remains suppressed beneath the Ichimoku cloud formation, which currently functions as dynamic overhead resistance. The Relative Strength Index hovers near neutral territory, reflecting market indecision without clear directional dominance from either buying or selling forces.

ETF Capital Flight and Geographic Buying Patterns

Market analyst Ted Pillows reported on X that Ethereum spot ETF products recorded $42.1 million in net outflows throughout the week, with BlackRock’s offering accounting for $53.3 million in redemptions alone.

Conversely, South Korean retail market participants appear to be accumulating during price weakness. The Korea Premium Index has shifted into positive territory at approximately 0.6, signaling that Korean exchange users are willing to pay premiums above international market rates for ETH access.

Global spot market flows remain dominated by outflows, with only sporadic inflow periods that haven’t materially altered the prevailing negative trend.

Critical resistance levels for ETH lie at $2,150 and $2,200. A decisive break above $2,200 with sustained volume could pave the way toward $2,300 and potentially $2,400. Conversely, failure to maintain support above $2,000 would likely target $1,900 and $1,800 as subsequent downside objectives.

Key Takeaways

• BTC currently trades around $66,800, confined within a $60,000–$70,000 corridor for several weeks
• Trader Michael van de Poppe suggests extended consolidation typically precedes significant price movements
• Wednesday witnessed $173.73 million exiting spot Bitcoin ETFs
• Presidential remarks regarding international conflicts reduced appetite for risk assets marketwide
• Several market observers believe Bitcoin hasn’t reached its cyclical low, with projections dipping under $50,000

Bitcoin currently sits near $66,800, reflecting an approximately 8% decline across the last month. The flagship digital asset has remained trapped between $60,000 and $74,000 following its annual bottom of $60,000 recorded on February 6.

Michael van de Poppe, who founded MN Trading Capital, shared his perspective on the current price behavior through a Friday post on X. “Bitcoin remains stagnant in this area, which means that there’s literally no direction,” he observed. He continued: “The longer it lasts, the heavier the breakout will be.” Van de Poppe is monitoring a potential climb above $71,000, a threshold BTC last touched on March 26.

Market observer Ted shared via X that the $60,000 level “wasn’t the bottom.” He anticipates a conclusive capitulation event before Bitcoin establishes a firm foundation. Ted highlighted that BTC faced resistance at the $69,000–$70,000 area, which had previously served as a support zone. He cautioned that breaking below the $65,000–$66,000 bracket would probably trigger a fresh decline.

Institutional Withdrawals Mount Pressure

Institutional appetite has shown inconsistency. Spot Bitcoin ETFs experienced $173.73 million in withdrawals on Wednesday, ending a two-day streak of inflows. This reflects caution among institutional participants who are stepping back from volatile assets.

Glassnode’s weekly analysis observed that BTC continues in a “redistribution phase.” The amount of supply held at a loss stays elevated while long-term holder selling hasn’t completely subsided. The analysis determined that the market is “no longer in outright stress but is still searching for stronger conviction.”

Trader Jordan forecasted in an X message that Bitcoin might surge to $80,000, referencing an upward trend that began in February. He observed BTC has maintained support in the lower $60,000s during each retest of that zone. Jordan suggested that holding there could propel prices toward the $80,000–$84,000 CME gap region.

Market Watchers Disagree on Cycle Bottom

Cryptocurrency analyst Doctor Profit indicated he sees a medium-high likelihood that BTC touches the $79,000–$84,000 area. Nevertheless, he revealed plans to establish short positions at those levels, targeting zones beneath $50,000. He also expressed conviction that Bitcoin’s price hasn’t found its floor yet.

Analyst CrypFlow referenced the 2-month stochastic RSI as a critical indicator. He noted that a bullish crossover below 20 has signaled optimal entry points in 2015, 2019, and 2023. That formation hasn’t materialized yet, implying additional downside may be forthcoming.

Bitcoin analyst Willy Woo stated on March 30 there exists a “very good chance” of a more severe bear market stemming from deteriorating global macroeconomic conditions. Seasoned trader Peter Brandt informed Cointelegraph he doesn’t anticipate Bitcoin achieving a new all-time peak until the second quarter of 2027.

The Crypto Fear & Greed Index registered at 11 on Saturday, firmly within “Extreme Fear” range.

From a technical standpoint, BTC trades close to the lower edge of a parallel channel around $65,900. The RSI hovers in the low 40s while the MACD stays beneath its signal line, indicating persistent selling momentum. A decisive close above $72,600 would mark the initial indication of a bullish reversal.

Circle faced fresh scrutiny after onchain investigator ZachXBT alleged that the USDC issuer failed to freeze or blacklist about $420 million in illicit fund flows since 2022. 

The claims centered on 15 hack and fraud cases in which Circle allegedly had time to act but did not move fast enough, according to ZachXBT’s public thread and follow-up reporting.

ZachXBT said Circle took “minimal” action or failed to act in 15 separate cases tied to stolen or illicit USDC flows. He argued that the delays stretched across three years and involved law enforcement requests, private sector requests, and cases that were visible onchain.

He pointed to several examples. ZachXBT said Circle did not freeze about $9 million in USDC linked to the GMX hack in July 2025. He also said Circle blacklisted wallets tied to the Cetus hack only after the stolen USDC had already been converted into Ether. 

In a recent Drift Protocol case, he said attackers moved about $232 million during a six-hour window through more than 100 transactions before the funds were converted. Cointelegraph said Circle did not provide an immediate response before publication.

The allegations renewed debate over how much responsibility a centralized stablecoin issuer should carry during hacks and fraud cases. Circle has the technical ability to freeze USDC and blacklist wallet addresses, which made the timing of any response a central issue in the discussion around ZachXBT’s claims.

ZachXBT tried to separate the criticism from a broader attack on Circle. He wrote, 

“Circle builds good products, and I hold USDC myself. This isn’t a post about hoping they collapse.” 

He added that “nine figures were lost from the ecosystem because of repeated inaction” and said the $420 million figure covered only major public cases.

Circle’s past actions stay in focus

The renewed criticism also drew attention to Circle’s earlier comments on transaction controls. In September 2025, Circle President Heath Tarbert said the company was exploring “reversible” USDC transactions that could be rolled back or amended in cases of hacks, theft, or fraud. That idea suggested Circle was already studying stronger user protections for some payment flows.

Circle has acted in other enforcement cases before. In August 2022, the US Treasury’s Office of Foreign Assets Control sanctioned Tornado Cash, saying the mixer had been used to launder more than $7 billion in virtual currency since 2019. After those sanctions, Circle froze USDC tied to sanctioned Tornado Cash addresses, showing that the company has used blacklist controls when compliance action required it.

A state judge in Nevada extended a temporary ban on prediction market provider Kalshi’s sports-related contracts in the Silver State on Friday.

Judge Jason Woodbury in the First Judicial District Court told attorneys at a hearing in the Carson City courthouse that he would also grant the Nevada Gaming Control Board’s request to impose a preliminary injunction against Kalshi banning it from offering some of its prediction markets until a broader court case from the state gaming regulator could be resolved. He extended the temporary restraining order he first granted on March 20 by two weeks to sort out the language of the injunction, Reuters reported Friday.

The judge’s original temporary restraining order blocked Kalshi from offering sports, entertainment and election-related bets.

The judge said buying a contract on a baseball game on Kalshi was “indistinguishable” from placing a bet on a state gaming platform, Reuters reported.

“So I find based on the arguments that ​have been presented that it is a gaming activity that is prohibited for any non-licensee ​to engage in,” he said.

Spokespeople for Kalshi and the Nevada Gaming Control Board did not return requests for comments.

State regulators have moved to block prediction market providers in much of the U.S., arguing that these companies’ sports-related products appear to be gambling products that should be regulated at the state level. Kalshi and other prediction market providers argue that they are federally regulated designated contract markets offering swaps, a type of derivative product, and therefore are not subject to state regulators.

The Commodity Futures Trading Commission, helmed by Chairman Mike Selig, has taken a stance agreeing with these companies. It filed an amicus brief in an appeals court case earlier this year, and sued Arizona, Illinois and Connecticut on Thursday alongside the Department of Justice, arguing that it is the proper regulator and alleging that the states are infringing on its role.

The hearing took place the same day as another hearing at a federal court in Arizona. In that hearing, Kalshi had filed to block state regulators from filing to block the prediction market provider’s products in the state. Arizona Attorney General Kris Mayes had previously filed an information alleging criminal charges against Kalshi.

According to the court docket, District Judge MIchael Liburdi heard arguments and is considering the motion.

Bitcoin’s prolonged consolidation below $70,000 may be paving the way for a more significant rally, according to a crypto analyst.

“The longer it lasts, the heavier the breakout will be,” MN Trading Capital founder Michael van de Poppe said in an X post on Friday.

“Bitcoin remains stagnant in this area, which means that there’s literally no direction,” van de Poppe said, adding that he is eyeing Bitcoin (BTC) breaking through $71,000, a level the asset hasn’t reached since March 26.

Bitcoin has been trading in a narrow range

Since reaching a yearly low of $60,000 on Feb. 6, Bitcoin has been trading in a narrow range between $60,000 and $74,000. Bitcoin is trading at $66,890 at the time of publication, down 8.25% over the past 30 days, according to CoinMarketCap.

Crypto analyst Ted said that $60,000 “wasn’t the bottom” in an X post on Friday. “This doesn’t mean another 50% crash will happen,” he said, adding that “there’ll be one final capitulation before the bottom.”

Van de Poppe’s optimistic call comes amid sentiment toward the broader crypto market being down. The Crypto Fear & Greed Index, which measures overall sentiment in the crypto market, stayed within “Extreme Fear” territory on Saturday, recording a score of 11.

“Deeper bear” for Bitcoin still on the cards

While van de Poppe is watching for a potential reversal as Bitcoin continues to consolidate, other analysts are more skeptical.

Bitcoin analyst Willy Woo said in an X post on Mar. 30 that there is a “very good chance we get a deeper bear due to a breakdown of the secular bull market in global macro.”

Related: Bitcoin ‘done’ with 85% crashes, says Cathie Wood amid new $34K target

Meanwhile, veteran trader Peter Brandt recently told Cointelegraph that he doesn’t anticipate Bitcoin reaching a new price high in 2026.

“Not until maybe the second quarter of 2027,” he added.

Magazine: Your guide to surviving this mini-crypto winter