SpaceX’s proposed IPO, Trump’s address on the Iran situation catalyze geopolitical risk-off sentiment and Hyperliquid whale to deploy $80M in hedging positions. BTC has dropped below the $68K amid geopolitical volatility. Today’s crypto market moved broadly lower. Bitcoin (BTC) fell 0.75% over the past 24 hours and slipped below the $68K mark. Ethereum (ETH), by contrast, showed greater resilience. It edged up 0.15% and held above the $2,000 level. The latest data shows that total liquidations across the market reached USD 375 million in the past 24 hours. Long liquidations accounted for USD 204 million, while short liquidations came to USD 170 million. This points to an intense two-way battle between bulls and bears as volatility remained elevated. BTC’s average 8-hour funding rate across the market stayed slightly positive at 0.0007%, while ETH turned negative at -0.0064%, suggesting that bearish positioning in Ethereum derivatives has started to build. At present, BTC’s key liquidation range is concentrated between $71,561 and $64,887, where short liquidation intensity stands at USD 1.451 billion and long liquidation intensity is close behind at USD 1.443 billion. For ETH, a break below $2,032 could trigger as much as USD 1.092 billion in long liquidations. Overall market sentiment remained cautious as investors reacted to deeper losses in U.S. stock index futures and renewed geopolitical tension. On the macro side, CME data shows a 97.4% probability that the Federal Reserve will leave rates unchanged in April. Market attention therefore remains firmly centered on upcoming macroeconomic data and further developments in the Middle East.

Key News Highlights:

Hyperliquid Whale Deploys USD 80 Million Hedge Against Market Crash Risk

As volatility in the crypto market intensified, a whale account active on the Hyperliquid DEX drew significant attention after putting on a nearly USD 80 million leveraged position. Based on onchain and liquidation data, the trader built a USD 40 million short position in Bitcoin futures near $68,760, opened a USD 2 million short on synthetic S&P 500 Index contracts, and went long USD 37 million in synthetic Brent oil contracts. The aggregate leverage on the position stood at around 7x. The Bitcoin futures liquidation price was set at $80,083. This suggests that the trader is taking a contrarian stance against the market’s recent optimism, betting that Brent crude oil prices will rise while Bitcoin and US equities come under pressure. What makes the trade more notable is the address’s past record. Historical data shows that the whale’s trading style has been highly aggressive but far from consistent. The account reportedly lost USD 37 million in its first month of activity in December 2025, then suffered another USD 40 million loss in February this year after flipping from profitable shorts into leveraged bullish positions. With uncertainty around the US and Iran situation still unresolved and market sentiment sharply divided, traders are now closely watching whether this oversized position will prove to be on the wrong side of the market again, or whether it will become an early signal of broader downside risk.

SpaceX Secretly Files for IPO, With Valuation Potentially Exceeding USD 1.75 Trillion

Elon Musk’s aerospace company SpaceX has reportedly filed confidentially for an initial public offering with the US Securities and Exchange Commission, moving closer to what could become the biggest public listing in US history. According to people familiar with the matter, the IPO could be finalized as early as June this year. SpaceX is reportedly seeking a valuation above USD 1.75 trillion. If achieved, that would make the company more valuable than Meta, Tesla, and even Bitcoin. The company could also raise as much as USD 75 billion through the offering, which would more than double Saudi Aramco’s record USD 29 billion IPO in 2019. For the crypto market, SpaceX’s financial position also carries symbolic importance because the company continues to hold 8,285 BTC on its balance sheet, worth more than USD 565 million. Although it moved its Bitcoin to a new wallet address in October, prompting speculation over whether it still intends to hold the asset long term, its crypto exposure remains closely watched. SpaceX’s potential IPO also follows its acquisition of Musk’s AI startup xAI in early February, placing the company more directly into the capital race with OpenAI, Anthropic, and other private AI firms. The company is reportedly considering a dual-class share structure that would give insiders greater voting control, while up to 30% of the shares may be allocated to individual investors. This fundraising plan would not only reshape the competitive landscape for private tech capital, but could also have wider implications for how global liquidity is distributed.

Trump’s National Address Focuses on Middle East Conflict as Oil Surges and Crypto Diverges

US President Donald Trump recently delivered a national address on the conflict in Iran, saying the US military was “very close” to finishing what he described as Operation Epic Fury. He claimed the campaign had wiped out Iran’s nuclear and naval capabilities and had also significantly weakened its drones, missiles, and weapons factories. His remarks immediately triggered sharp moves across financial markets. Brent crude oil climbed back above $100 and briefly surged to $103.59 per barrel, while Bitcoin fell during the speech and later slipped to $66,904. Trump also said discussions were still ongoing, even as both sides continued to hold firm demands over how the conflict should end. On the issue of the Strait of Hormuz, he said the waterway would “open up naturally” once the conflict is over, arguing that Iran would need to resume oil sales in order to rebuild its economy. Although Trump said stock prices could rebound quickly and gas prices could fall as the situation stabilizes, markets are still in the process of pricing in the military trajectory, ceasefire uncertainty, and the geopolitical risk premium that continues to drive short-term volatility in crypto assets.

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