Crypto markets are becoming a new venue for pre-IPO price discovery ahead of SpaceX's highly anticipated debut today. Binance's SpaceX tokenized IPO campaign attracted over $557 million in USDC deposits from about 27,689 wallet addresses ahead of the company's highly anticipated public listing. Wallets contributing up to $20,000 accounted for more than 81% of participating addresses but only 18.39% of total funds, while 114 addresses contributed over $500,000 each, representing about 10.2% of the funds, according to Dune data. The deposits point to strong demand for crypto-based pre-IPO exposure ahead of SpaceX's Nasdaq debut on Friday, with the company seeking to raise $75 billion at $135 a share and an around $1.8 trillion valuation. Read more
Bitcoin miner metic sparked talk of "capitulation" as profit margins stayed under 5%, but the BTC price bear-market bottom remained absent. Bitcoin (BTC) miners are back under pressure as data hints that a new buying opportunity is now here. Key points: Read more
SpaceX’s IPO hype may fuel a strong debut, but history shows richly valued listings often struggle after the first-day pop fades. SpaceX’s IPO is already spilling into crypto markets, where one whale has opened a $22.3 million leveraged long on SPCX, a synthetic pre-IPO perpetual contract tied to Elon Musk’s aerospace company. Key takeaways: The whale's position, visible on data resource Hypurrscan, shows the trader holding a 2x isolated long on "xyz:SPCX" worth about $22.29 million. Read more
FIFA and the FBI warned of ticket scams as TRM Labs identified World Cup-themed crypto fraud operations tied to multiple wallet addresses. TRM Labs warned that crypto scammers are targeting FIFA World Cup fans through fake ticketing sites, fixed-match betting schemes and event-themed crypto promotions. The blockchain intelligence company said it identified several World Cup-related scam operations, including two fake-ticketing sites and one fixed-match betting pitch tied to four crypto addresses. “Criminals always look to exploit major events and cultural moments and they don’t wait until kickoff,” Ari Redbord, global head of policy at TRM Labs, told Cointelegraph. “Scammers build and position their infrastructure weeks in advance, then scale it the moment public attention peaks.” Read more