Is SpaceX Serious About This Valuation?

Chart of the Day — BTC ETFs relentless outflows
Trade of the Day — A head and shoulders on ZEC
Alpha Leaks — Stablecoins, RWA perps trading, and more
News Roundup — SpaceX IPO, Clarity Act and SBR progress, HYPE ETFs

BTC ETF Outflows Continue

The various spot BTC and ETH ETFs give a good overall indicator of the state of crypto, and a look at recent flows shows just how bad conditions have been.

According to SoSoValue, spot BTC ETFs recorded a collective total outflow of $2.43 billion last month, and are already at $1.4 billion in outflows so far this month.

As for the ETH ETFs, they saw $540.88 million in outflows last month, and have registered $187.52 million in outflows this month so far.

However, don’t lose sight of the fact that according to the four-year cycle, crypto should currently be experiencing its lowest ebb, so outflows shouldn't be a shock, and actually reinforce the idea that the cycle is still intact, regardless of the stock market’s relentless bullishness.

Also, away from BTC and ETH, there have been some positive crypto ETF performances, as we’ll see in the news section below.

Zcash Head and Shoulders

Zcash is dumping along with the rest of crypto, but notably, it appears the asset is forming a clear head and shoulders pattern on the chart.

These are bearish reversal patterns, and given ZEC's prices are still relatively close to its ATH from last year, it makes sense for this pattern to play out to the downside, and we're calling the neckline at $499. Join our Premium Newsletter / Inner Circle Discord service for the specific entry point, stop-loss, take profits, invalidations, and volume analysis.

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SpaceX Targets $1.77 Trillion Valuation

The story of the summer is the upcoming SpaceX IPO, and the latest update is that Elon Musk’s company is aiming to offer 555.6 million shares at a fixed price of $135 per share, giving a total valuation for the company at $1.77 trillion.

This is according to yesterday’s updated filing, and if the IPO goes ahead on these terms, it would place SpaceX just above the $1.6 billion Tesla in terms of its valuation, and make it the sixth largest company in the US, while the IPO will be the largest in stock market history.

The sale is lined up for June 12th, and don’t forget that Anthropic and SpaceX are also planning huge IPOs that are expected to take place this year. There’s the potential for each of these to temporarily suck oxygen from the rest of the market, while it seems clear that all three firms are racing to capitalize on hyper-frothy market conditions while the window of bull market opportunity is still open.

Bessent Positive on Clarity Act and BTC Reserve

Crypto might be about to get a timely legislative boost, with the Clarity Act potentially incoming soon, and the long-awaited Bitcoin Strategic Reserve also making progress.

That’s according to comments made by Treasury Secretary Scott Bessent at a Senate Finance Committee hearing yesterday. Bessent stated that he wants the Clarity Act to be passed this summer, explaining that,

“We work tirelessly in terms of custodying these assets and making the US the innovation capital of the world”.

And on the subject of the Strategic Bitcoin Reserve, Bessent said,

“We are proceeding with all deliberate speed, and we are making sure that as we are doing this in this complicated process, we use best practices, and things will be durable for the future”.

Third HYPE ETF Goes Live

Hyperliquid is the standout story of this current crypto bear market because, well, HYPE is one of the few crypto tokens that is not in a bear market.

In fact, it hit a new ATH this week at above $75, having rallied from lows around $20 back in January, although price is currently experiencing a correction.

Recent bullishness may in part be because Hyperliquid has a close connection with the stock market (which has been in full roaring twenties mode), as it acts as a platform on which stocks and commodities derivatives can be traded around the clock, every day.

And yesterday, another vehicle enabling TradFi HYPE exposure arrived on the scene, as Grayscale launched the Grayscale Hyperliquid Staking ETF (the ticker for which is HYPG). As the name suggests, it holds only HYPE, some of which it will stake for passive returns.

That means there are now three HYPE ETFs in operation, all of which launched in the last month, with Grayscale joining Bitwise and 21Shares, and those first two funds have already accumulated $145 million in combined net inflows since launch.

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