The historic initial public offering of Elon Musk’s SpaceX, valued at approximately $2.1 trillion, has reignited the narrative of corporate Bitcoin adoption. According to market data, demand for the offering reportedly surpassed $350 billion against a $75 billion allocation, thrusting Musk into trillionaire status. The listing comes as SpaceX holds 18,712 BTC and Tesla maintains 11,509 BTC on its balance sheet. Michael Saylor, executive chairman of MicroStrategy, noted on social media that 25% of the so-called “Mag8” group of tech firms now hold Bitcoin, framing the cryptocurrency as a default treasury asset for the technology sector.
Meanwhile, privacy coin Zcash (ZEC) has encountered stiff technical resistance. The token is currently trading below $450, with a minor 4% recovery above its 100-day exponential moving average (EMA) at $430 but failing to push beyond the 50-day EMA near $485. The relative strength index (RSI) sits at 44, and total market open interest has dropped to $103 billion from a recent high of $135 billion, indicating waning buying momentum.
In a separate move, the SIREN token experienced a sharp 26.67% decline to around $0.49 over a 24-hour period, with trading volume spiking 38.18% to $43.63 million as traders rushed to exit. Derivatives open interest tumbled 36.68% to $30.04 million, and the token is now retesting support at $0.43 after failing to breach the $1.33 resistance level. The RSI has fallen to 42.39, underscoring the bearish pressure.
