SpaceX IPO: Crypto Traders bet on $2T+ valuation

Crypto and prediction market traders are expecting a big day for SpaceX. Polymarket traders see a 76% chance SpaceX closes above $2 trillion and a 57% chance it trades above $2.2 trillion. Perpetual futures on Hyperliquid on the other hand are currently trading around $173 (+28%).

Galaxy Research published a new report today analyzing every previous cycle top and bottom in bitcoin’s history to attempt to determine where it might bottom this cycle. First, they believe “the bottom is not in". Second, they approximate a drawdown to between $40k-46k occurring sometime between now and Q4 2026. Read more →

Michael Saylor is catching heat after trying to explain why “never sell your bitcoin” applies differently to individuals than it does to Strategy (MSTR). Speaking at a bitcoin conference in Prague, Saylor said he never promised the company would never sell BTC, adding that Strategy has long disclosed it could sell bitcoin if needed. Critics were not exactly moved, especially after a separate, very long explanation of Strategy’s mNAV math that also got mocked online. Fair enough – and this isn’t the first time Saylor just starts inventing terminology on a stage. On the other hand, this still feels like classic bear market behavior. Strategy’s stock is down 70% over the past 12 months, bitcoin is under pressure, and the crowd needs something to yell about. Read more →

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