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.

Exodus has launched a marketplace for tokenized assets through a partnership with Ondo Finance, allowing eligible users to trade more than 200 tokenized stocks, ETFs and other real-world assets on Solana directly from the crypto wallet.

The company said Exodus Markets is available in select markets and that users can access the service by updating to the latest version of the app. Tokenized assets do not represent ownership of the underlying securities and do not provide shareholder rights, according to the announcement.

Cointelegraph contacted Exodus to determine which jurisdictions are eligible for Exodus Markets but had not received a response by the time of publication.

Founded in 2015, Exodus is a self-custody crypto wallet provider. RWA.xyz data shows tokenized Exodus shares account for more than $55 million in onchain value, placing them among the largest tokenized equities by market size.

Top tokenized equities. Source: RWA.xyz

Ondo Finance is one of the largest issuers of tokenized real-world assets. According to RWA.xyz data, the company’s tokenized products hold about $2.7 billion in assets, led by its USDY and OUSG Treasury funds.

Related: TradFi advisers want stablecoins, tokenization over Bitcoin: Bitwise

xStocks leads growth in tokenized equities

The launch comes amid rapid growth in tokenized equities. According to RWA.xyz, the value of tokenized stocks has climbed to $3.5 billion, up more than 139% over the past 30 days, while the number of holders has increased 37% to roughly 357,000.

Much of that growth has been driven by xStocks, a tokenization platform backed by Kraken and issued by Backed Finance. Data shows the company accounts for approximately $2.5 billion in tokenized stock value, representing more than 69% of the sector after growing more than 500% over the past month.

Source: RWA.xyz

Recently, the trend has expanded into pre-IPO markets, with crypto exchanges racing to offer tokenized exposure to SpaceX ahead of the company’s stock market debut on Friday.

Last week, Kraken announced that SpaceX would become the first company available through its xStocks IPO Access platform, allowing eligible users to trade tokenized shares backed 1:1 by the underlying stock. Days later, Bybit said it would also offer SpaceX through xStocks as the inaugural listing on its new tokenized equity platform.

Binance entered the market in May with a perpetual futures contract tied to SpaceX’s expected pre-IPO valuation, while Coinbase launched pre-IPO markets in June with a SpaceX-linked perpetual futures product for eligible users outside the United States.

Blockchain.com also rolled out a SpaceX-linked perpetual contract this month through its OTC desk as part of a new 24/7 institutional trading platform.

SpaceX shares gained around 22% shortly after trading began on Friday, rising from an opening price of $135 to about $164 by midday, according to Yahoo Finance data.

Source: Yahoo Finance

However, Bybit announced on Friday that subscribers to its SpaceX IPO offering would receive refunds after xStocks failed to secure the underlying shares needed to fulfill allocations.

Source: Bybit

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