Daily Market Update: Bitcoin Holds Near $63K as SpaceX IPO Looms and AI Stocks Push Futures Higher

TLDR

• Bitcoin is trading near $63,000, down about 14% over the past week
• Market maker Wintermute says SpaceX’s IPO on June 12 could be the next major catalyst for crypto
• Tether’s market dominance jumped 13.55% last week, its biggest weekly rise since March 2025
• Tether’s market cap actually fell 0.7%, suggesting some crypto money left the market entirely
• US stock futures rose Tuesday, led by Nasdaq gains, as AI optimism continued to drive markets

Bitcoin is holding near $63,000 on Tuesday after a rough week that saw prices drop around 14%. Traders and analysts are now watching SpaceX’s upcoming stock market debut as a potential turning point for both crypto and equities.

SpaceX IPO in Focus for Crypto Markets

Crypto market maker Wintermute said in a note on Tuesday that SpaceX’s IPO, set to price on June 11 and begin trading on June 12, could act as a key signal for where risk appetite is heading.

Wintermute said if investors absorb the SpaceX deal well, it would be a positive sign for crypto. If the deal struggles, that could point to broader risk exhaustion and would be bearish for the market.

The firm said last week’s bitcoin sell-off was not caused by Strategy’s bitcoin sales. Instead, it was driven by a missing bid — retail investors had already been selling for some time and rotating into stocks.

US institutions were also selling bitcoin they had purchased about a month ago. Wintermute said some of the selling in AI stocks also appears linked to investors raising cash ahead of a wave of large IPOs, with SpaceX leading the queue.

Bitcoin has limited chart support below current levels. The coin did not trade much between $50,000 and $59,000 on the way up in 2024, which means there are few technical support levels in that range if prices fall further.

Tether Dominance Rises as Bitcoin Slides

Tether’s share of the total crypto market rose 13.55% last week to reach 9%, its largest weekly gain since March 2025, according to TradingView data.

The jump in Tether dominance came as bitcoin fell sharply. Rising stablecoin dominance usually means investors are moving out of riskier crypto assets and into dollar-pegged coins as a defensive move.

However, Tether’s actual market cap dropped 0.7% to $186.89 billion last week, its third straight weekly decline. This suggests a portion of the money leaving bitcoin and other crypto assets may have exited the market entirely, rather than sitting in stablecoins waiting to return.

Stock Futures Climb as AI Trade Continues

US stock futures edged higher on Tuesday. Nasdaq 100 futures rose 0.5%, S&P 500 futures gained 0.3%, and Dow futures ticked up 0.1%.

The AI trade continued to drive sentiment. After the bell on Monday, OpenAI said it had confidentially filed paperwork for an IPO, one week after Anthropic did the same. Both companies could begin trading on Wall Street as early as this fall.

Wall Street is gearing up for a major event on Friday, when SpaceX could make its market debut and potentially set a record for the largest public offering in history.

Ongoing conflict between Israel and Iran continued to cloud the macro picture, with weekend attacks adding uncertainty to US-Iran negotiations even as both sides said they would pause fighting.

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