Autor Cointelegraph By Yashu Gola

Elon Musk’s rocket and satellite company SpaceX is planning a $75 billion IPO in June, which could make it the largest near-term public listing with a major Bitcoin treasury. Key takeaways:A Nasdaq 100 fast entry could expand Bitcoin exposure among the top mega-cap stocks, including Tesla.The IPO may pressure tech stocks as passive funds sell existing Nasdaq names to buy SpaceX, which may prove bearish for Bitcoin.SpaceX IPO set to increase Nasdaq’s exposure to BitcoinSpaceX disclosed 18,712 BTC in its recent S-1 filing, worth roughly $1.45 billion, making it the largest known Bitcoin holder among companies preparing for, or recently filing for, a public listing.Source: SpaceX’s S1 FilingUnder Nasdaq’s newer “fast entry” rules, mega-cap IPOs can enter the Nasdaq 100 within 15 trading days, meaning SpaceX could quickly become one of the index’s largest constituents if its valuation lands near the $1.75 trillion–$2 trillion range after the $75 billion IPO.As a result, Bitcoin exposure inside the Nasdaq 100 may expand beyond Tesla.The electric carmaker already holds 11,509 BTC on its balance sheet. SpaceX, with 18,712 BTC, would give the Nasdaq 100 a second Elon Musk-linked mega-cap company with direct Bitcoin exposure.”With the SpaceX IPO, the Mag 7 will become the Mag 8,” said Phong Le, CEO of Strategy, while referring to the elite group of mega-cap tech stocks, namely Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla.He added:”25% of the Mag 8 will have Bitcoin on their balance sheet.”Bitcoin still faces downside risksSpaceX IPO may be “bad news for tech stocks,” according to analyst Nic Puckrin. “If it’s added to the Nasdaq 100 in a ‘fast entry’, passive funds have to buy it & sell other stock,” Puckrin said in a Friday post, adding:”The higher SpaceX goes, the more they buy of it and sell of others. It’s going to act like a massive capital vacuum.”Puckrin based his outlook on JPMorgan estimates showing that Nvidia could face more than $20 billion in passive outflows if SpaceX enters the Nasdaq 100. JPMorgan projections for rebalancing outflows from passive investors. Source: Financial Times/Nic PuckrinApple could face roughly $16 billion in estimated passive outflows, with Microsoft, Amazon, Alphabet, Broadcom, Meta and Tesla also likely to serve as funding sources for the SpaceX rebalance.Bitcoin has traded closely with mega-cap tech for most of 2026.As of Friday, BTC’s 30-day rolling correlation with the Roundhill Magnificent Seven ETF (MAGS), which tracks the Mag 7 stocks, stood near +0.81. BTC/USD vs. MAGS correlation coefficient. Source: TradingViewFor traders, that means BTC has recently moved in the same direction as major tech stocks more often than not.So, if the SpaceX rebalance pressures Nvidia, Apple, Tesla and other large tech names, Bitcoin may also face short-term downside risk as investors reduce exposure to the broader risk-on trade.How low can BTC price go?On-chain metrics show Bitcoin’s apparent demand has dropped to its lowest in four months, which may lead to months of consolidation. That weak demand backdrop also lines up with BTC’s current technical structure. Since February, Bitcoin has been moving inside an upward-sloping bear flag, a pattern that often forms during a pause in a broader downtrend.For now, BTC’s immediate downside target sits around the $73,000–$74,000 range, near the flag’s lower trendline. A rebound from that area could send the price back toward the flag’s upper boundary near $85,000.BTC/USD daily chart. Source: TradingViewRelated: Bitcoin liquidity balance hints at developing rally toward $80KThe flag setup could open the door to a deeper decline toward $56,000, based on the pattern’s measured move, if BTC closes decisively under the lower trend line.

A Hyperliquid (HYPE) whale is refusing to close a massive short position even as the token’s rally leaves the trader sitting on more than $22 million in unrealized losses.Key takeaways:HYPE’s 134% year-to-date rally, rising ETF inflows and fresh whale accumulation may deepen squeeze pressure on the short seller. Technical setups suggest a potential 20% pullback toward $51.5–$45.HYPE whale increases short exposure to over $100 millionAs of Thursday, the wallet ‘0x8ef…’ held a 5x cross-margin short on 1.80 million HYPE, worth about $102.98 million, with an entry price near $44.96, according to HypurrScan data. With HYPE trading around $57.30, the position was down roughly $22.18 million. The trader had earned about $204,522 in funding, but that barely offset the growing losses as HYPE rallied nearly 8% intraday.HYPE whale’s perpetual positions dashboard. Source: HypurrScan The short exposure was worth about $95 million earlier on Thursday, suggesting the whale has increased its exposure despite mounting losses. It risks liquidation if the HYPE price rises to around $69.Strong HYPE accumulation may deepen whale’s lossesHYPE has emerged as one of the best-performing cryptocurrencies so far in 2026, up about 134% compared to the crypto market’s 16% drop. A huge chunk of those gains surfaced in May as market attention turned to newly launched US spot HYPE ETFs and Coinbase’s role as the official treasury deployer for USDC on Hyperliquid.Since the May 12 launch, these ETFs have attracted $58.73 million amid a steady increase in daily inflows, according to data resource SoSoValue.US spot HYPE ETFs net inflows. Source: SoSoValueA wallet linked to Galaxy Digital bought 158,100 HYPE worth $8.8 million in two hours, while a new wallet withdrew 536,247 HYPE worth $29.87 million from Coinbase over two days, according to data resource Arkham Intelligence.Together, they accumulated or withdrew around 694,500 HYPE, valued at nearly $38.67 million. Such moves may deepen losses for the already underwater short seller. Related: Hyperliquid eyes 55% price rise after Silicon Valley investor’s ‘massive HYPE buy’As of Thursday, Hyperliquid had witnessed $36.33 million in liquidations on a 24-hour rolling basis, according to CoinGlass. Shorts accounted for $34.29 million, or about 94% of the total, while long liquidations were only $2.03 million.Hyperliquid liquidation data. Source: CoinGlassThat shows HYPE’s rally is heavily driven by forced short covering, increasing squeeze risk for the underwater whale if prices keep rising.HYPE technicals hint at a 20% correctionHYPE’s rally is showing signs of upside exhaustion as the price tests the upper boundary of its ascending channel.That resistance zone sits near $59–$60, the same area that marked HYPE’s September 2025 record high before plunging by over 65%. HYPE/USD daily chart. Source: TradingViewIts daily relative strength index (RSI) has also climbed to around 77, the highest level since May 2025, putting HYPE firmly in overbought territory.A pullback from this resistance confluence could send HYPE toward the 0.786–0.618 Fibonacci retracement range, near $51.5–$45. This range aligns with the channel’s lower trend line.In other words, HYPE price risks a decline of up to 20% from current levels if traders start taking profits near the channel top.The short seller would recover roughly $10.4 million–$22.1 million from current levels, though the trade would only turn profitable below the $44.96 entry price, excluding funding and fees.

Bitcoin (BTC) is down roughly 40% from its October 2025 record high, but a long-term valuation model suggests the cryptocurrency could erase the entire decline and rally to as high as $255,000 by year-end.Key takeaways:Bitcoin Decay Channel puts BTC’s conservative year-end range at $90,000–$255,000, with its 2027 range extending to $128,000–$308,000.Bearish HODL Waves suggest a possible higher bottom in the $65,900–$70,500 range.Bitcoin model puts BTC’s year-end target in the $90,000–$255,000 range The Bitcoin Decay Channel is a logarithmic price model that tracks BTC’s long-term uptrend while adjusting for smaller gains in each new cycle.The cryptocurrency’s major tops in 2013, 2017 and 2021 formed near the model’s upper valuation bands, while bear-market lows repeatedly moved back toward its lower support zone.BTC/USD price performance to date. Source: Sminston/TradingViewBitcoin’s latest rebound also began near the lower end of the Decay Channel in March-April, showing that buyers stepped in around a zone the model has historically treated as long-term support, or bottom.That keeps the bullish case alive, according to analyst Sminston.”Bitcoin Decay Channel gives a pretty reasonable range—conservative case—of $90k–$255k, by the end of this year. $128k – $308k for end of ’27,” he said in a Wednesday post, adding:”For comparison, Bitcoin was $43k in December 2023.”Sminston’s $90,000–$255,000 Bitcoin target range fits multiple predictions calling for BTC to reach a new all-time high in 2026. Earlier, Bernstein analysts maintained a $150,000 Bitcoin target for 2026, while pushing their $200,000 peak forecast into 2027, citing a longer institutional adoption cycle led by BTC ETFs and public companies. Related: Bitcoin price history suggests 77% odds of new all-time high within a yearBitMEX co-founder Arthur Hayes expected Bitcoin to reclaim $126,000 this year, citing US war spending in Iran, AI infrastructure demand and the resulting pressure for more fiat liquidity.Bear flag and other indicators hint at persistent BTC sell-off risksBitcoin continues facing selloff warnings from a slew of bearish indicators, including a multi-month bear flag.A bear flag typically resolves when the price drops by as much as the previous downtrend’s height. BTC risks plunging under $56,000, down about 30% from current prices, if the classic breakdown setup plays out as intended.BTC/USDT daily chart. Source: TradingViewOnchain data suggests Bitcoin may not need to fall as far as the bear-flag target.The Bitcoin HODL Waves indicator, which tracks how long BTC remains unmoved in wallets, suggests a possible bottom in the $65,900–$70,500 range if the weakness continues. Bitcoin HODL wave indicator. Source: CryptoQuant In a Tuesday post, CryptoQuant analyst Sunny Mom said a stronger long-term holder base may help BTC form a higher, slower bottom this cycle, with $70,500 as the key level to hold.

Privacy coin Zcash (ZEC) is flashing a classic bullish reversal pattern that could push its price above $1,000 in the coming weeks.Key takeaways:ZEC’s cup-and-handle setup points to a potential rally toward $1,091 by June or July.Privacy coins are leading the market, with ZEC up 73% over the past month versus crypto’s 0.2% gain.Privacy narrative may trigger 55% ZEC price upsideThe ZEC/USD pair appears to have formed a cup-and-handle (C&H) pattern, marked by a rounded recovery phase followed by a downward-sloping consolidation. Traders typically read the structure as bullish once the price breaks above the neckline, as it suggests buyers have absorbed the previous supply wall and regained control. The pattern’s upside target is calculated by measuring the distance between the cup’s lowest point and the neckline, then adding that height to the breakout level.ZEC/USD three-day price chart. Source: TradingViewAs of Tuesday, ZEC had entered the pattern’s “handle” stage while eyeing a breakout above the neckline resistance at around the $625–$650 area.Zcash’s decisive close above the neckline may send its price toward $1,091 by June or July, up about 88% from current prices, if the C&H structure plays out as intended. This upside target aligns with ZEC’s 1.618 Fibonacci extension, drawn from the $745 swing high to the $185 swing low.ZEC is outperforming the crypto market in MayZEC has gained 18% over the past three days, even as the wider market has fallen 3.45% over the same period, prompting some traders to argue that Zcash is effectively “running its own bull market.”Source: XBroadly, privacy coins have outperformed the wider crypto market over the past month. ZEC led the move, gaining more than 73%, while other privacy-focused tokens such as Monero (XMR) and Dash (DASH) also rallied in tandem.By comparison, the total crypto market capitalization rose just 0.2% over the same period, suggesting the move is more sector-specific than market-wide.ZEC/USD versus XMR/USD, DASH/USD, and the TOTAL crypto market cap one-month performance. Source: TradingViewHeightened demand for anonymity and financial privacy is driving much of Zcash’s renewed appeal, turning the once-forgotten privacy coin into one of crypto’s strongest narratives.Related: Zcash gains 70% in a week amid growing interest in crypto privacyThe bullish case gained further traction last week after BitMEX co-founder Arthur Hayes said ZEC’s market capitalization could one day reach 10% of Bitcoin’s (BTC). That would imply a price of $9,225 per coin based on ZEC’s current circulating supply of about 16.68 million tokens.ZEC’s value in BTC terms has grown roughly 20.50% since Hayes’s comment.ZEC/BTC daily chart. Source: TradingViewEarlier in May, sentiment also improved after Multicoin Capital disclosed Zcash exposure and Robinhood listed the token, adding fresh institutional and retail-access catalysts to ZEC’s rally.

Hyperliquid DEX’s native token, HYPE, is showing potential for a 55% rally after a wallet reportedly tied to Silicon Valley-based venture capitalist, a16z, accumulated $90.87 million worth of tokens in just over a month.Key takeaways:HYPE’s three-day chart shows a potential cup-and-handle breakout, with the neckline sitting near $45–$47.ETF launch, Coinbase-Circle USDC roles, and potential US regulatory clarity may expand Hyperliquid’s institutional demand base.HYPE cup-and-handle setup eyes record highsHYPE appears to be forming a cup-and-handle pattern, a classic bullish continuation setup. A cup-and-handle forms when price makes a rounded recovery, pauses near resistance, and then breaks higher. Traders calculate the upside target by measuring the cup’s depth and adding that distance to the breakout level.In HYPE’s case, the “cup” developed after its price fell from around $46 to nearly $21, then gradually recovered in a rounded structure back toward the $45–$47 resistance zone. That area now acts as the pattern’s neckline.HYPE/USDT three-day price chart. Source: TradingViewAs of Monday, HYPE was forming the structure’s “handle” part, confirmed by its slightly downward consolidation. The token may climb toward the $71–$72 range in 2026 if the breakout above the $45–$47 neckline area plays out as intended.That would mean about 55% rise from current prices, a new record high for the token.a16z-linked wallet accumulates $90.87M HYPEHYPE’s bullish technical setup has gained support from a fresh on-chain accumulation signal.On Monday, wallet 0xb5E4, which Lookonchain describes as linked to Andreessen Horowitz, or a16z, bought another 372,000 HYPE worth about $16.91 million in three hours. Transaction records of the wallet ‘0xb5E4.’ Source: Arkham IntelligenceHYPE stood out in an otherwise weaker crypto market, gaining roughly 7% over 24 hours as Bitcoin (BTC) slipped 1.22% and Ether (ETH) lost 2.22%. On a year-to-date timeframe, HYPE was up 80% compared to BTC’s and ETH’s losses of nearly 12.5% and 28.3%.HYPE/USDT year-to-date price performance vs. BTC/USD and ETH/USD. Source: TradingViewThe latest “massive HYPE buy” lifted the a16z-linked wallet’s total accumulation since April 14 to 2.11 million HYPE, valued at roughly $90.87 million.Source: XLarge venture-linked accumulation may strengthen market confidence, especially when it occurs while the price is already testing a major resistance zone.The reported a16z-linked purchases add to a strong catalyst run for Hyperliquid. Last week’s US spot HYPE ETF launches opened a regulated access point for traditional investors, while Coinbase and Circle’s USDC deployment roles strengthened Hyperliquid’s stablecoin infrastructure capabilities.Trader Pentoshi said Hyperliquid’s revenue could “grow 5x–10x” if a compliant US framework, such as the CLARITY Act, allows hedge funds, prop desks, and asset managers to trade on the platform.Source: XHigher institutional activity may boost HYPE demand through stronger volume, revenues, and confidence in Hyperliquid’s growth.