This was a loaded week. The largest IPO in history hit the Nasdaq. Geopolitical fear spiked, then faded almost as fast as it arrived. And Bitcoin spent five days proving an old lesson. The headline story and the real story are rarely the same thing.
Here is what actually moved markets, and what to watch next.
SpaceX Lands the Biggest IPO Ever
SpaceX began trading on the Nasdaq on Friday under the ticker SPCX. The company priced its offering at $135 per share and sold over 555 million shares. That works out to a valuation near $1.77 trillion and a raise of roughly $75 billion. It ranks among the largest IPOs ever recorded.
The debut delivered. SPCX closed at $161 on its first day. That marked a jump of about 19% from the open.
The scale is hard to overstate. That valuation would make Elon Musk’s firm the seventh largest company in the United States. It now sits above Tesla and its roughly $1.6 trillion market cap.
So why does a rocket company belong in a crypto recap? Two reasons stand out.
Reason One: SpaceX Holds Bitcoin
SpaceX carries Bitcoin on its balance sheet. Its filing disclosed a holding of more than 18,000 BTC. That position was valued at nearly $1.3 billion earlier this year.
This places SpaceX among the larger corporate Bitcoin treasuries in the world. A trillion dollar company validating the treasury model matters. It strengthens the long term case for Bitcoin as a reserve asset.
Reason Two: Crypto Priced It First
Crypto venues priced SPCX months before the bell. One major platform launched an SPCX perpetual contract in May at a $150 reference. The price spiked to $216 before settling near $203. Funding rates ran steeply positive throughout.
This setup created a clean arbitrage at the open. Traders could short the perpetual and buy real shares the moment SPCX listed. That trade pulls the synthetic price back toward the listed price.
One word of caution here. These pre-IPO synthetic products have no real precedent in US securities law. The reason for holding them fades the moment the stock trades publicly. Smaller venues with lighter compliance carry the most risk if regulators start asking questions.
Did the IPO Sink Bitcoin? The Data Says No
Here is where the popular narrative falls apart. Since SpaceX filed to go public in late May, Bitcoin dropped roughly 20%. It slipped under $60,000 for the first time since September 2024.
The story writes itself. A once in a decade IPO vacuums up speculative capital. Traders sell Bitcoin to fund their share allocations. Crypto bleeds.
The problem is simple. The timeline is the only thing connecting the two events. SpaceX did not even price its shares until June 11. The selloff had other drivers, and they were bigger.
A hotter than expected jobs report landed that week. It revived fears that the Fed’s next move could be a hike rather than a cut. Treasury yields rose, and long duration risk assets took the hit. The damage was broad. The Nasdaq fell 4.2% in a single session, its worst day of 2026. Chip leaders like Nvidia dropped around 6% as the AI trade wobbled.
Inflation piled on. May CPI came in at 4.2% year over year. That was the highest annual rate since April 2023, driven largely by surging energy prices.
Fund flows reflected the mood. US spot Bitcoin ETFs had already logged a record 10 straight days of net outflows. Those withdrawals totaled almost $3 billion.
So Bitcoin fell alongside every other risk asset. The reasons had nothing to do with crypto fundamentals. The IPO was a convenient villain, not the cause.
Bitcoin Holds, Then Bounces on De-escalation
The picture steadied in the back half of the week. Bitcoin spent the run up to the listing in tight consolidation. It held near $63,500 ahead of the debut. The calm spread across altcoins too. Speculative futures leverage fell to its lowest level this quarter.
Then geopolitics turned. Bitcoin gained nearly 3% late on Friday. The move came after the US cancelled planned strikes against Iran. Those remarks raised hopes of a peace deal and cut demand for defensive assets.
The relief was not isolated. The broader crypto market rose 1.11% to $2.18 trillion. The bounce extended well beyond Bitcoin alone.
The takeaway for traders is clear. Bitcoin behaved like a high beta risk asset all week. It sold off on fear and rallied on relief. It did not act as the safe haven some still expect it to be.
Where the Altcoins Stand
The recovery did not rescue everyone. The damage under the surface is real. XRP broke convincingly below its 200 week moving average. It joined Solana and Ether in flashing bearish signals. Both SOL and ETH trade at steep discounts to that long term level.
Bitcoin dominance tells the same story. It held around 58% through the week. When fear dominates, capital concentrates in Bitcoin first. Altcoins tend to wait for confidence to return.
The Week Ahead: All Eyes on the Fed
The next catalyst is already on the calendar. The Federal Reserve meets on June 16 and 17. The rate decision lands Wednesday afternoon.
A move is not the story. Markets price the odds of a hike at well under 1%. The target range is widely expected to hold steady. The story is the tone.
This is Kevin Warsh’s first meeting as Fed Chair. He is widely regarded as more hawkish than his predecessor. Markets have repriced sharply since his arrival. The odds of at least one hike by year end have climbed to roughly 70%.
Watch the language and the dot plot. June is a projections meeting. The updated dot plot will anchor any verbal signals from the Chair. Pay close attention to how the Fed frames inflation. References to lasting inflation will read differently than talk of a temporary energy shock.
The trading implications follow from there. A hawkish surprise would pressure risk assets, and crypto sits firmly in that group. A softer tone could give Bitcoin room to retest the $64,000 to $65,000 zone.
For now, the levels are clear. Bulls want Bitcoin to defend the low $63,000s. Holding that area keeps a move toward $68,000 in play. Lose it, and the recent lows come back into focus.
Trade the reaction, not the prediction.
Trade on Millionero exchange.
This content is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency trading carries significant risk, including the potential loss of capital. Always conduct your own research and consider your financial situation before trading. Past performance does not indicate future results.