SpaceX futures surge pushes crypto market past $3 trillion milestone

The crypto market saw a brief surge this week, with its total value hitting $3 trillion. A short squeeze on SpaceX’s blockchain-based perpetual futures pushed its implied valuation above $3 trillion, surpassing tech giants like Amazon and Microsoft. Trading activity on Hyperliquid and Binance saw roughly $5 billion in SpaceX perpetual futures change hands within 24 hours. More than $50 million in bearish bets on SpaceX were wiped out as the rally unfolded.

Bitcoin remained steady near $66,000 despite broader market movements, including a US-Iran deal that boosted global equities and sent oil prices lower. Its open interest grew by about 7%, reaching $17.4 billion. Funding rates for Bitcoin stayed low, fluctuating between 0% and -4% annualised.

The three-month annualised basis for Bitcoin edged up from 2.8% to 3.0%. Meanwhile, Deribit’s implied volatility index dropped to near multi-year lows, signalling reduced market turbulence. The short squeeze in SpaceX futures drove its valuation past major corporations. Trading volumes spiked, and bearish positions faced heavy liquidations. Bitcoin’s stability and rising open interest suggest sustained market engagement despite broader economic shifts.