Bitcoin Climbs to $62,600 as SpaceX IPO Grabs Attention
By John Nada·Jun 11, 2026·4 min read
Bitcoin rises to $62,600 as the SpaceX IPO looms. Ethereum and XRP struggle below key averages, while ECB rate hikes and Bitcoin ETF outflows create market tension.
Bitcoin rose about 1.9% over 24 hours to roughly $62,600, CoinDesk reported, as digital assets caught a modest bid following the latest inflation numbers. While May's inflation data lifted Bitcoin, ether and other major altcoins remain down 6% to 8% over the week, highlighting the volatility that continues to characterize the cryptocurrency market.
The market's attention is also riveted on the impending SpaceX IPO, expected to be the largest in history with a valuation of $1.8 trillion. Shares are already four times oversubscribed, as some entities bid up to $10 billion for a piece of Elon Musk’s satellite, rockets, and AI venture. "The IPO is widely expected to be the largest in history," said the report, adding another layer of intrigue to Bitcoin's recent movement and potentially influencing investor behavior.
Meanwhile, XRP, Solana, and Ethereum are trading below their 200-week simple moving averages, indicating bearish momentum. XRP is around $1.11, about 7% below its 200-week SMA of $1.19. Solana and Ethereum face even steeper discounts of 63% and 49%, respectively, flashing danger signs for bullish investors, CoinDesk reported. This continued bearish trend among major altcoins contrasts with Bitcoin's relatively stronger positioning, as it remains just above its 200-week SMA.
The European Central Bank is poised to hike interest rates for the first time since 2023, with a 25 basis points increase to 2.25% expected, driven by accelerating eurozone inflation. The financial community is watching closely as higher energy costs and inflationary pressures from geopolitical tensions weigh in. The ECB's upcoming policy decision, scheduled for 14:15 UTC, will be pivotal in determining the eurozone's economic trajectory.
In the United States, U.S.-listed Bitcoin ETFs saw net outflows of $213.85 million on Wednesday, extending a streak that has amassed $5.7 billion in redemptions since early May. Analysts suggest capital is rotating from crypto to AI-themed assets, with investors also positioning ahead of the SpaceX IPO. The report cited the IPO as a potential catalyst affecting these outflows, reflecting broader market shifts and investor sentiment.
"An in-line print is unlikely to be a clean catalyst either way," stated Iggy Ioppe of Theo, commenting on the inflation report which leaves Bitcoin trading on market positioning rather than a clear shift in Federal Reserve policy. Despite a hot headline inflation at 4.2%, core inflation rose only 0.2%, offering a nuanced picture for traders awaiting the Fed's June 17 meeting. The Federal Reserve's cautious stance means no immediate rate cuts are expected, affecting liquidity expectations and how risk assets like Bitcoin are traded.
Bitcoin remains just above its 200-week SMA, contrasting with altcoins plunging deeper into red territory. It's a stark reminder of Bitcoin's relatively stronger positioning as risk assets shuffle. Traders are deciphering whether this modest climb is sustainable or just a prelude to another volatile turn. The hot headline inflation provides hawks with justification to maintain a restrictive stance, while the subdued core inflation offers doves ammunition to argue that the pressure is largely narrow and energy-driven.
As the SpaceX IPO approaches, the question lingers: Will this momentous event fuel more capital reallocation away from Bitcoin, or ignite a new wave of interest in digital assets? The IPO's potential to be a game-changer for market dynamics is underscored by its massive oversubscription and the significant financial commitments being made by major entities.
The broader economic landscape is fraught with uncertainty, as evidenced by Oracle's recent financial maneuvers. Oracle 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. Despite reporting adjusted earnings per share of $2.03, ahead of analyst estimates of $1.96, and a 21% year-over-year revenue increase to $19.18 billion, Oracle's plans to raise another $40 billion through debt and equity financing have spooked investors. The firm's capital expenditures and negative free cash flow have raised concerns about its aggressive AI expansion strategy.
This backdrop of financial maneuvering and market adjustments sets the stage for Bitcoin's movements and the broader cryptocurrency market's evolution. As traditional markets grapple with their own challenges, the crypto sphere is equally dynamic, with Bitcoin leading the charge amidst a backdrop of cautious optimism and strategic repositioning by investors.
In the coming weeks, market participants will keenly watch how these multiple factors – from the SpaceX IPO to central bank policies and corporate financial strategies – will interact and influence the trajectory of Bitcoin and its digital counterparts. The interplay of these dynamics underscores the complex and interconnected nature of today's financial ecosystem.