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BTC updates: Bitcoin's price bounces ahead of the SpaceX IPO

Fresh U.S. inflation data on Thursday was mixed, and the ECB hiked rates for the first time in nearly three years.

YayaNewsFinancial news writer2026-06-11 15:28Updated: 2026-06-26 14:590 ViewsSource CoinDesk

YayaNews contributes financial news and market context through the YayaNews editorial workflow.

BTC updates: Bitcoin's price bounces ahead of the SpaceX IPO — Image Source: CoinDesk

Fresh U.S. inflation data on Thursday was mixed, and the ECB hiked rates for the first time in nearly three years.

8:25 p.m., June 11

Helene Braun

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All eyes will be Friday trading as SpaceX officially raises $75 billion in IPO

SpaceX (SPCX) has priced its shares at $135,

according to a filing

with the U.S. Securities and Exchange Commission on Thursday, setting the stage for one of the most closely watched public market debuts in recent years.

The company sold 555.6 million shares at that price, raising $75 billion, making it the largest IPO ever, easily topping Saudi Aramco's $30 billion in 2019.

The Elon Musk-led aerospace and satellite company will begin trading on Nasdaq on Friday under the ticker SPCX. Based on the offering price, SpaceX will enter the public markets with a fully-diluted valuation of roughly $1.8 trillion.

The valuation is a pricey one, given SpaceX produced roughly $19 billion in revenue last year, driven by launches, government contracts and its rapidly growing Starlink satellite internet business.

Also notable is the company’s sizable bitcoin (BTC) holdings. SpaceX held 18,712 bitcoin as of March 31. That would be valued at just under $1.2 billion at BTC's current price of around $63,500.

7:33 p.m., June 11

Stephen Alpher

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Crypto-related stocks sharply higher as bitcoin bounces, Nasdaq soars

Markets have surely lost count of the number of imminent peace deals with Iran, but it hasn't stopped them from rallying on President Trump's

most recent post

, in which he called off military strikes scheduled for tonight.

Shortly before the close, the Nasdaq is higher by 2.4% and S&P 500 by 1.8%. Bitcoin is trading at $63,500, up 2.5% over the past 24 hours.

Checking crypto-related equities, Coinbase (COIN) is up. 3.6%, Galaxy Digital (GLXY) 8.8%, and Strategy (MSTR) 4.3%.

Strategy's high-yielding STRC preferred stock is up 0.4%, but still well below par at $96.20, suggesting investors are demanding a yield even higher than the current 11.5% to pile into the shares.

6:14 p.m., June 11

Stephen Alpher

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Markets add to gains after Trump cancels planned strikes against Iran

"Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, canceled the scheduled strikes and bombings against Iran this evening,"

wrote President Trump

on Truth Social.

The news sent stocks to session highs, the Nasdaq now up 1.5%. Bitcoin (BTC) has risen to $63,400, ahead 2.5% over the past 24 hours.

The price of crude oil is lower by 3% and the 10-year U.S. Treasury yield has slid nearly seven basis points to 4.47%.

4:04 p.m., June 11

Stephen Alpher

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BlackRock puts in massive order for SpaceX shares: WSJ

Asset management giant BlackRock (BLK) has placed an order for at least $5 billion of shares in tonight's SpaceX (SPCX) $75 billion IPO,

according to the WSJ

Other asset managers have put in their own sizable orders, the article continued.

An earlier Bloomberg report said retail investors had placed orders for SPCX totaling more than $70 billion.

3:54 p.m., June 11

Krisztian Sandor

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Bitcoin to drop to $50,000 before more durable recovery, strategist says

Bitcoin's recent selloff may not be over yet, according to Paul Howard, senior director at trading firm Wincent.

Howard argued that crypto is still facing a tough backdrop as investors pour money into hot IPOs and AI-related investments. While digital assets have held up this week, he said many traders are choosing to hedge rather than add exposure until there's more clarity around regulation, geopolitics and the macro outlook.

Howard said he expects bitcoin to consolidate through the summer before mounting a more durable recovery.

"There is still room for bitcoin to sell off," he said, noting that many traders are eyeing the $50,000 level as a potential entry point

A move there would represent roughly a 60% drawdown from the peak, a magnitude that's closer to major bottoms in previous market cycles.

2:19 p.m., June 11

James Van Straten

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Calm markets mask growing anticipation for Spacex IPO as retail traders sell tech

Single Stocks Retail Market Flow (Vanda)

Markets are showing a brief period of calm before a potentially volatile stretch. Shortly after the U.S. open, U.S. equities traded modestly higher, although major indices remain roughly 4% below recent highs. Gold is also holding firm above the psychologically important $4,000 per ounce level, while bitcoin is trading around $63,000 ahead of Friday's highly anticipated SpaceX IPO.

Retail investors have been actively selling technology stocks to raise capital for the offering,

according to data tracked by Vanda Research

. The selling has been concentrated in semiconductor and AI-related names, with three consecutive days of net outflows from some of the market's recent winners. The trend suggests traders are building cash positions, or "dry powder", to participate in the IPO.

1:19 p.m., June 11

James Van Straten

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Bitcoin's Coinbase premium sinks to one of its deepest discounts this year

BTC Coinbase Premium (TradingView)

Bitcoin's Coinbase Premium Index, a key gauge of U.S. demand for the largest cryptocurrency by market capitilization, plunged to around -200 just before the U.S. stock market opens on Thursday, marking one of the deepest discounts seen this year.

The sharp reversal comes after the discount had narrowed for the past two weeks, signaling a slight increase in buying interest from U.S. investors.

The move lower suggests Coinbase users are now selling aggressively relative to offshore exchange Binance.

At the same time, Bitcoin fell below $63,000 following U.S. PPI inflation data, raising concerns that recent U.S.-led demand may be fading as traders brace for the market open.

1:09 p.m., June 11

Stephen Alpher

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SpaceX has more than $70 billion in retail orders, says report

Tonight's SpaceX (SPCX) IPO has drawn more than $70 billion in orders from retail investors,

according to Bloomberg

The report further said that retail investors are likely to get about 20% of the $75 billion IPO, meaning most of the demand will remain unfilled. That, of course, could be supportive of the stock price once the shares begin trading on Friday.

The IPO terms — 555.6 million shares at $135 each — are unlikely to change, according to the story.

12:46 p.m., June 11

Stephen Alpher

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David Bailey's Nakamoto unloads more of bitcoin stack

Nature healing?

2025's crop of hastily formed bitcoin treasury companies — most, or all of which came public via SPAC deals that have since seen share price collapses of 90% or more — continue to unload BTC from their balance sheets.

The latest is David Bailey's Nakamoto Holdings (NAKA), which

just reported

the sale of about 600 bitcoin to pay down about $45 million in debt. Alongside this, the company extended the maturity of significant debt due later this year to June 2027. The company still holds 4,467 bitcoin, worth about $280 million at the current price.

NAKA has shed more than 99% of its peak value over the past year and recently underwent a 1:40 reverse split to come into compliance with Nasdaq listing standards.

This isn't NAKA's first bitcoin sale. The company held 5,765 BTC a bit less than a year ago, but has since reported sales on four occasions.

NAKA is higher by 4.2% premarket to $4.25.

Earlier this week, Anthony Pompliano-led ProCap Financial (BRR) sold another 52 bitcoin, bringing its stack down to 5,405. Proceeds were used to repurchase shares, which the company described as selling for about 50% of net asset value.

Pompliano, in fact, doesn't even want ProCap to be described as a bitcoin treasury company. "We are an AI company with bitcoin on the balance sheet,"

he said

on X yesterday. "Small, but very important, difference. Eventually, more people will realize why it matters."

12:34 p.m., June 11

Stephen Alpher

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Bitcoin dips as May PPI delivers mix of good and bad news

The U.S. May Producer Price Index (PPI) rose a faster than expected 1.1%. Forecasts were for 0.7%, and April's rise was also 1.1%. On a year-over-year basis, the PPI rate was 6.5% versus 6.4% expected and 5.7% in April.

The core PPI — which excludes food and energy costs — rose just 0.4% in May against forecasts for 0.5% and 0.7% in April. Year-over-year core PPI was 4.9% versus 5.4% expected and 4.9% in April.

Bitcoin has dipped about 0.5% on the mixed report, now trading at $62,500.

12:06 p.m., June 11

Stephen Alpher

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Rate hike cycle begins in Europe

The ECB has raised policy rates for the first time in nearly three years, lifting its main refinancing operations rate and deposit facility rates by 25 basis points each.

The move was fully expected by markets, but is nevertheless significant as monetary policy forecasts have done a complete 180, both in Europe and the U.S. in 2026.

While the Fed is expected to remain on hold in the immediate term, markets have fully priced in one or more rate hikes in the U.S. before the end of the year.

12:04 p.m., June 11

Omkar Godbole

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Gold hits six-month low, BTC steady above $63,000

Gold extended its decline on Thursday as traders in the bond market increasingly bet on a Federal Reserve interest-rate increase in 2026, even though Wednesday's U.S. inflation data pointed to softer underlying price pressures.

The per-ounce gold price slipped to $4,024, the lowest since Nov. 21, according to data source TradingView. Bitcoin, meanwhile, traded steady near $63,000.

However, on a month-to-date basis, BTC is down 14.3%, a bigger loss than gold's 10% decline.

Gold and bitcoin, like stocks, provide no inherent yield or cash flows. As a result, both are vulnerable to higher interest rate expectations and rising bond yields.

12:02 p.m., June 11

James Van Straten

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Bitcoin margin longs on Bitfinex cross 90,000 BTC, highest since November 2023

BTCUSD Longs (Bitfinex)

Bitfinex's closely watched bitcoin margin longs have surpassed 90,000 BTC for the first time since November 2023, when bitcoin was trading near $35,000, highlighting growing conviction among large leveraged traders.

Margin longs, positions opened using borrowed funds to bet on higher prices, are widely tracked as a measure of bullish sentiment on the exchange.

Notably, Bitfinex longs have risen 23% year-to-date while bitcoin remains down 29% over the same period, underscoring continued accumulation amid the broader market downturn.

The increase in leveraged exposure comes as bitcoin trades above $63,000, recovering from its recent local low near $59,000 on June 5. Historically, rising Bitfinex long positions have often coincided with periods of market weakness and accumulation, with traders adding exposure ahead of major price recoveries.

10:36 a.m., June 11

Shaurya Malwa

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XRP keeps falling while its ledger booms on assets that aren't XRP

XRP has slid to about $1.12, down roughly 7.5% on the week and 27% over the first quarter, per CoinDesk data. But the XRP Ledger has gone the other way as activity on it keeps climbing.

Alexis Sirkia, chairman of interoperability firm Yellow Network, and a former market maker for Ethereum and XRP, argues price is the wrong thing to watch. "Long-term value comes from real adoption and usage," he said in a message to CoinDesk.

Messari's first-quarter report put XRPL daily transactions up about 35% to 2.48 million. Tokenized real-world assets on the ledger, mostly treasuries, jumped 124% to a record $2.25 billion. Ripple's dollar stablecoin RLUSD grew 45% to $340 million, the largest on the network.

None of that growth runs on XRP, however. RLUSD and the tokenized assets sit on the ledger without anyone needing to hold the token. XRPL fees are a fraction of a cent. So more activity does not mean more demand for XRP, and analysts reading the same numbers may keep wondering whether any of it would reflect on the price.

Until ledger activity turns into actual XRP buying, and not just volume in other tokens, the network and the token keep drifting apart.

10:17 a.m., June 11

James Van Straten

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SpaceX IPO: Mega-cap listings tend to shine early, then stumble

IPO Median Performance (@ThierryBorgeat)

The

post-IPO track

record of mega-cap listings suggests that the strongest returns often come early.

Across a basket of major technology IPOs, including Facebook (META), Alibaba (BAB), Coinbase (COIN), Robinhood (HOOD), Rivian (RIVN) and Arm Holdings (ARM), the median stock gained roughly 4% in its first three months as investor enthusiasm, limited float and momentum buying supported prices.

Beyond that initial period, performance deteriorated. Median returns fell to -9% after six months and remained at -9% after one year. More strikingly, the median maximum drawdown during the first year was 54%, highlighting how even the most anticipated listings can experience severe corrections once lockups expire and valuation concerns emerge.

When SpaceX debuts on Friday at a $1.7 trillion valuation, history suggests the first three months could remain supportive.

However, the experience of previous mega IPOs indicates that the real test begins thereafter, with investors often facing a prolonged period of consolidation and significant drawdowns before fundamentals catch up with expectations.

8:43 a.m., June 11

James Van Straten

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Oracle shares plunge despite earnings beat as $40 billion funding plan spooks investors

Oracle (ORCL) shares fell about 10% in premarket trading on Thursday, as the rising cost of the company's AI ambitions overshadowed better-than-expected fourth-quarter results.

The software giant

reported

adjusted earnings per share of $2.03, ahead of analyst estimates of $1.96, while revenue rose 21% year over year to $19.18 billion, topping expectations of $19.10 billion. Cloud infrastructure revenue surged 93% to $5.8 billion.

Yet the strong performance failed to reassure markets, with focus turning to Oracle’s mounting funding needs.

The firm said it plans to raise another $40 billion through debt and equity financing, after already raising $43 billion in debt and $5 billion in equity in fiscal 2026.

With capital expenditures hitting $55.7 billion and free cash flow deep in the red at negative $23.7 billion, investors appear increasingly uneasy about how the company will fund its aggressive AI expansion.

8:26 a.m., June 11

Omkar Godbole

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XRP joins solana and ether in trading below the 200-week average

Payments-focused cryptocurrency XRP has now broken convincingly below its 200-week simple moving average (SMA), joining solana (SOL) and ether (ETH) in signaling strengthening bearish momentum across major altcoins.

As of this writing, XRP is trading near $1.11, sitting about 7% below its 200-week SMA at roughly $1.19.

SOL and ETH are trading at much steeper discounts of around 63% and 49%, respectively. Both assets lost this key long-term support back in January and have since seen deeper drawdowns – a clear warning sign for XRP bulls.

Bitcoin (BTC), meanwhile, continues to hold just above its 200-week SMA.

8:26 a.m., June 11

James Van Straten

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ECB expected to deliver first rate hike since 2023 as inflation reaccelerates

The European Central Bank (ECB) is expected to raise its benchmark interest rate by 25 basis points on Thursday to 2.25%, marking its first hike in borrowing costs since August 2023.

The move comes as eurozone inflation accelerated to 3.2% year over year in May, the highest reading since September 2023 and well above the ECB's 2% target. The increase has been driven by higher energy prices and persistent inflationary pressures stemming from the conflict involving Iran and disruptions to shipping through the Strait of Hormuz.

The ECB's policy decision is scheduled for 14:15 UTC.

7:21 a.m., June 11

Omkar Godbole

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Ouch. Another $213 million drained from bitcoin ETFs on Wednesday

The 11 U.S.-listed spot Bitcoin ETFs recorded a net outflow of $213.85 million on Wednesday, according to SoSoValue data.

This week's redemptions reached $382 million, extending a four-week streak of outflows. Since the second week of May, investors have pulled approximately $5.7 billion from these funds in total.

Analysts have blamed these huge outflows for BTC's recent price swoon.

One prominent theory attributes the outflows to capital rotation from crypto into AI-themed assets, with investors also deploying funds ahead of the SpaceX IPO. The IPO is widely expected to be the largest in history, priced at $135 per share, with trading slated to begin tomorrow under the ticker SPCX.

5:55 a.m., June 11

Shaurya Malwa

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An in-line CPI leaves bitcoin trading on positioning, not a Fed pivot

Wednesday's inflation report, in line on the annual figures with a softer core, does not give bitcoin a clear push either way, according to Iggy Ioppe, chief investment officer at tokenization platform Theo.

The data keeps the Federal Reserve cautious and in no rush to cut rates, Ioppe said in an email to CoinDesk. Markets had already stopped treating June as a likely cut after last week's jobs report, and the CPI print validates that repricing rather than reversing it.

For bitcoin, "an in-line print is unlikely to be a clean catalyst either way," he said, leaving liquidity expectations capped and risk assets trading on positioning rather than a fresh dovish impulse.

The pressure stays on for gold, however. Real yields, meaning interest rates after inflation, remain the key variable, and without near-term cuts the cost of holding a non-yielding asset stays high.

Ioppe argued the gold conversation is moving from price direction to carry - or the income earned from holding a position - with investors weighing passive exposure against gold-linked strategies that generate yield from market activity.

5:46 a.m., June 11

Shaurya Malwa

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Bitcoin creeps up higher as all eyes on SpaceX

Crypto caught a modest bid on Thursday after Wednesday's inflation report showed underlying price pressures staying contained. Bitcoin rose about 1.9% over 24 hours to roughly $62,600, leading the majors, per CoinDesk data.

Headline inflation rose 0.5% on the month and 4.2% over the year, the fastest annual pace since April 2023, but energy did most of the work, climbing 3.9% on the month and accounting for more than 60% of the increase as oil rose on the Iran conflict.

Core inflation, which strips out food and energy and is the gauge the Federal Reserve leans on, rose just 0.2% on the month, below the 0.3% forecast, and 2.9% over the year.

The bounce is shallow and concentrated in bitcoin. BTC is down less than 1% over the past seven days, holding its 200-week average, while the rest of the top tokens remain deep in the red on the week. Ether is off about 6.5% at roughly $1,651, XRP down 7.5% near $1.12, Solana down 7.4% around $65, and dogecoin off 7%. BNB held up better at a 2.1% weekly loss.

Traders now await Fed's June 17 meeting, where markets expect no change to rates. The hot headline gives hawks cover to stay restrictive, while the soft core gives doves room to argue the pressure is narrow and energy-driven.

Another widely-cited catalyst is the public offering of Elon Musk-owned satellite, rockets and AI company SpaceX, which prices later Thursday and is expected to start trading on Friday at a $1.8 trillion valuation.

Shares for the company are already four times oversubscribed, with some singular entities bidding as much as $10 billion for the stock, per Bloomberg.

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Latest Research

CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

CoinDesk Research

Jun 15, 2026

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

Why it matters

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

View Full Report