Bitcoin steadies above $64,000 as traders weigh SpaceX’s $101B stock unlock
Bitcoin held above $64,600 on Thursday, up marginally on the day and about 0.5% on the week, after buyers defended a dip toward $62,500 and pushed price back above the 50-day moving average. The focus remains more on Bitcoin than on the broader crypto tape.
Major cryptocurrencies were mixed. Ether rose about 1% to $1,904 but is still down roughly 0.7% on the week. XRP fell nearly 3% to $1.04 and was the weakest in the group. BNB slipped over 1% to $595, though it leads weekly performance at about +3.5%.
Solana edged down to around $74 and dogecoin was flat near $0.07. Tron was little changed near $0.33. Hyperliquid’s HYPE was steady around $56 and posted the best weekly gain among large tokens, up more than 4%.
Outside crypto, risk sentiment softened as equities slipped. Korea’s Kospi dropped 4.4% (hit by weakness in chip-related names like SK Hynix and Samsung), while gold rose about 0.4% as traders trimmed rate-hike expectations. Brent was under $80 amid an Iran-Oman shipping-route development. Traders also awaited SoftBank’s results later Thursday, with the firm having invested $34.6 billion into OpenAI via Vision Fund 2 since Sept 2024.
Also in focus: SpaceX, owned by Elon Musk, where roughly $101 billion of stock becomes tradable Thursday as the first lockup expires. The company reported holding 18,712 BTC (about $1.1 billion at end-June). For traders, this mix of firm Bitcoin price action and macro/regime uncertainty keeps near-term momentum selective rather than broad-based.
Neutral
The article highlights Bitcoin holding a key technical level (above the 50-day moving average) and staying bid after the dip toward $62,500, which is typically a short-term supportive signal. However, broader crypto follow-through is limited because the rest of the majors are mixed (XRP and SOL weak, ETH only slightly green). That “BTC-led but market not broadly bullish” pattern often shows up early in longer-term shifts, when liquidity rotates rather than expands.
At the same time, macro risk sentiment softened: equities (notably Korea’s Kospi) sold off and chipmakers retreated, while gold rose on easing rate-hike expectations. This mix can cap upside in high-beta assets like altcoins even if Bitcoin remains firm.
The SpaceX event is a sentiment catalyst, but it’s not directly crypto-specific; the main tradable implication is through potential market perception of institutional appetite and crypto treasury exposure (SpaceX holds 18,712 BTC). Historically, large corporate unlock headlines can create short-lived volatility, but durable impact usually depends on whether the unlock translates into real selling pressure—something the article does not confirm.
Net: neutral. Short term, traders may keep focusing on BTC support and event-driven headlines. Long term, the presence of corporate BTC exposure (SpaceX) is modestly constructive, but macro and cross-asset risk signals are not supportive enough to turn the stance bullish right now.