Crypto’s market cap briefly brushed $3 trillion on a SpaceX perpetual-futures short squeeze that pushed the company’s implied valuation past $3 trillion, but bitcoin held near $66,000 and derivatives data shows no real bid has returned.
Posted June 17, 2026 at 5:43 am EST.
Crypto’s total market capitalization briefly brushed $3 trillion this week, a level it had not touched since the early-June selloff, but the move rested on a mechanical short squeeze rather than a broad return of conviction.
The catalyst came from outside crypto entirely. After SpaceX completed the largest IPO in history and its shares jumped more than 40% over two days, traders piled into bearish positions on the company’s blockchain-based perpetual futures, betting on a pullback. Instead, the stock kept climbing, forcing those short holders to buy back contracts to cap their losses and driving prices higher still. At one point, SpaceX’s implied valuation on these onchain venues topped $3 trillion, briefly eclipsing Amazon and Microsoft, with roughly $5 billion of SpaceX perpetual futures trading in 24 hours across Hyperliquid and Binance and more than $50 million of bearish bets liquidated.
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Crypto itself did not match the enthusiasm. Bitcoin held near $66,000, barely moving even after the US-Iran deal lifted global equities and oil fell. The muted reaction reflects a market that has learned to distrust geopolitical relief rallies; two earlier truces this year collapsed, and traders appear unwilling to pay up for a deal that will not be signed until the end of the week.
The derivatives data underscores the hesitation. Bitcoin open interest rose about 7% to $17.4 billion and the three-month annualized basis ticked up to 3.0% from 2.8%, both signs of incremental institutional appetite.
But funding rates stayed subdued, ranging from 0% to roughly -4% annualized, and Deribit’s implied volatility index eased to near multiyear lows, signs that traders are not making aggressive directional bets. The split has defined the market all month: valuation models suggest the worst of the selling is over, while flow data shows no real bid has returned. Both can be true at once. For now, a milestone number masks a market still waiting for conviction to catch up to price.
Related Listen: Was the SpaceX IPO Really to Blame for Bitcoin’s Worst Week Since FTX?
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