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Major Asset Retreat Broadly; SpaceX's Historic IPO Approaches
VIPMajor Asset Retreat Broadly; SpaceX's Historic IPO Approaches

1. A combination of stronger-than-expected U.S. payrolls, weaker-than-expected AI guidance from Broadcom, a 2. nd continued Bitcoin ETF outflows triggered the sharpest selloff in global risk assets so far in 2026. BTC fell 15.9% to $60,933, while the Crypto Fear & Greed Index dropped to 12 (Extreme Fear). The Nasdaq 100 declined 4.5%, while defensive sectors outperformed. Credit spreads widened by 4 bps, indicating no immediate signs of systemic stress, although deleveraging remains ongoing. This week's CPI release will be the market's key catalyst. 3. SpaceX is set to launch the largest IPO in U.S. market history. The offering is priced at $135 per share, with approximately $75 billion expected to be raised, implying a post-IPO valuation of $1.75–1.95 trillion. The company combines three distinct businesses: Starlink ($11.4 billion in revenue, 39% operating margin), launch services (82% global commercial market share by payload mass), and xAI ($6.4 billion operating loss). Bitget Research assigns a target price of $135–150 per share, while Bitget Pre-IPO products (preSPAX spot + SPCXUSDT futures) offer investors an opportunity to participate in price discovery ahead of the IPO. 4. One of the most effective ways to navigate periods of market panic is through quant trading. During BTC's 15.9% decline, all 21 quantitative strategies tracked by Bitget Research outperformed a simple buy-and-hold approach, generating an average alpha of +10.33%. Grid trading ranked first with +21.66% alpha and a maximum drawdown of just -3.73%, demonstrating that rules-based strategies can significantly outperform discretionary decision-making during periods of extreme fear and volatility. Assets to watch: SpaceX, BTC, SOL, HYPE, WLD, FIDA, ORCL, ADBE, XLM, HBAR

Bitget·2026/06/08 06:29
SpaceX's Mega IPO Is Coming: Will It Drain Liquidity From the Market?
VIPSpaceX's Mega IPO Is Coming: Will It Drain Liquidity From the Market?

1. A wave of mega IPOs is approaching U.S. Markets. SpaceX has already filed its S-1 and is expected to go public in the coming months at an estimated valuation of $1.5–2.0 trillion. According to Deutsche Bank, even the largest IPOs historically have had only a limited impact on overall market liquidity, with an estimated drag of around 1%. In fact, IPO waves have typically coincided with, rather than disrupted, bull markets. Meanwhile, the explosion during Blue Origin's New Glenn rocket test triggered a sharp selloff in pre-IPO space assets, sending Hyperliquid's SpaceX futures down 43% in just seven minutes and liquidating more than 400+ retail traders. By contrast, Bitget's Pre-IPO market is anchored by spot assets, allowing market makers to hedge between spot and derivatives markets, resulting in deeper liquidity and better protection against extreme price spikes and flash crashes. 2. Divergence in the stablecoin market continues to widen: Since March, USDGO has grown 547%, driven by strong demand for regulated stablecoins. In contrast, USDe has seen its market capitalization shrink 25.5%, reflecting weakening demand for algorithmic and yield-driven stablecoin structures. On Bitget, USDGO offers an attractive base yield while also serving as an eligible asset for IPO Prime subscriptions. 3. Quant strategies outperformed buy-and-hold in May: BTC declined 3.4% during the month, yet 18 of 22 quant strategies outperformed a buy-and-hold BTC position, generating an average alpha of 1.93%. The top performer was the OBV Divergence strategy, which delivered 7.41% alpha. Assets to watch: BTC, XLM, PSG (Champions League catalyst), HYPE (approaching all-time highs), AVGO (June 3 earnings), and Natural Gas (NG).

Bitget·2026/06/01 05:22
Kevin Warsh Sworn in as Fed Chair, Putting Broad Pressure on Crypto Assets
VIPKevin Warsh Sworn in as Fed Chair, Putting Broad Pressure on Crypto Assets

1. Following Kevin Warsh's appointment as Fed chair, the Fed has shifted back toward a more conservative policy stance. His hawkish position — that rates should not be cut before inflation returns to target — has significantly pushed back market expectations for easing. Holding rates steady throughout the year has now become the market's base-case scenario, while tail risks of further hikes are also beginning to be priced in. Expectations for global liquidity are tightening, although total stablecoin market capitalization in crypto continues to reach new all-time highs, with USDGO emerging as one of the fastest-growing stablecoins. 2. 10-year sovereign bond yields across major developed economies surged sharply this week: Japan climbed above 2.75% to multi-decade highs, the U.S. reached 4.57%, the UK touched 4.92%, and Germany rose to 3.14%. Yield volatility reached 3–4 sigma levels during the week, marking one of the most extreme moves since the 2022 UK pension crisis. Risk-off sentiment strengthened significantly, with capital rotating away from risk assets and into defensive assets. 3. BTC declined 1.96% this week, but the OBV volume-price divergence strategy delivered the strongest performance with +4.46% alpha. The strategy focuses on price-volume divergence signals: when price makes a new range low but OBV does not confirm with a new low, it treats this as a sign that selling momentum is fading and executes a contrarian buy on the 5-minute timeframe. Assets to watch: BTC, ONDO, HYPE, NEAR, PDD (earnings on May 27), MRVL, CRM, DELL.

Bitget·2026/05/25 06:34
Clarity Act Advances, Opening a Major Growth Opportunity for the RWA Sector
VIPClarity Act Advances, Opening a Major Growth Opportunity for the RWA Sector

1. Clarity Act advances, opening a major growth opportunity for the RWA sector. The U.S. stablecoin regulatory bill made meaningful progress this week. As the compliance framework becomes clearer, institutional barriers for bringing traditional assets on-chain are being significantly reduced. RWA active market cap has reached $26.5B, covering 171 issuers, and the sector has entered an exponential growth phase since the second half of 2025. 2. OpenAI and SpaceX standing as key names to watch. preSPAX is up 32.7% after 27 days of trading, while preOPAI is up 18.6% just three days after launch, standing out against BTC's 4.8% decline over the same period. OpenAI's annualized revenue has surpassed $10B, while SpaceX's recent stock split has been seen as part of its IPO preparations. Both assets are backed by some of the world's fastest-growing private companies, and PreIPO offers a lower-cost window for early participation. 3. A strong dollar and rising energy prices drove markets this week, with crypto pulling back across the board despite improving underlying conditions. BTC fell 4.8% to $78,200, natural gas led gains at +7.4%, and the DXY rose 1.5%, weighing on non-USD assets. However, the global liquidity Z-score has turned positive, rising from negative territory to +0.15. This suggests the pullback was driven by short-term dollar strength rather than a deterioration in liquidity. The FOMC meeting minutes on Wednesday, May 20, will be the key turning point to watch next week. Assets to watch: ONDO / CFG / SKY (RWA), preSPAX / preOPAI (PreIPO), USOUSD (crude oil CFD), NVDA (earnings on May 20)

Bitget·2026/05/18 04:43
BTC Rebound Lifts Altcoin Market Sentiment as U.S. Storage Stocks Surge on Price and Volume
VIPBTC Rebound Lifts Altcoin Market Sentiment as U.S. Storage Stocks Surge on Price and Volume

1. Global liquidity has likely bottomed, supporting BTC's rebound and range-based strategies. The Fed net liquidity Z-score has rebounded from a low of -1.5, while BTC rose 3.5% this week in line with the recovery. Backtests show that grid trading (+2.5%) and buy and hold (+3.0%) outperformed all trend-following strategies. In the futures market, altcoin activity is picking up, with ZEREBRO, FIGHT, and SNDK showing short-squeeze structures. 2. AI capex demand is flowing into the storage hardware sector, with HDD/NAND names outperforming the broader market by nearly 6x on rising prices and volume. MU gained 42.4%, SNDK rose 31.8% with volume up 90%, and WDC advanced 19.8%, far outpacing the NAS100's 7.1% gain. Enterprise storage software names such as NTAP and PSTG rose only 6%–9% and saw volume decline. 3. Implied SpaceX valuations differ by nearly 40% across platforms due to differences in product structure, with Bitget preSPAX offering the lowest-priced entry point. While OKX, Hyperliquid, and Prestocks imply valuations of around $2.01T–$2.35T through contract-based products, Bitget preSPAX is priced at an implied valuation of roughly $1.62T and remains the only RWA spot product backed by underlying equity exposure, with no funding fee holding costs. Assets to watch: BTC, PRESPAX, MU, SNDK, the SUI ecosystem, silver (precious metals CFD)

Bitget·2026/05/11 07:26
Strait of Hormuz Tensions Escalate, Oil Surge Caps Upside for Risk Assets
VIPStrait of Hormuz Tensions Escalate, Oil Surge Caps Upside for Risk Assets

1) The Strait of Hormuz standoff continues, with WTI up another 8.5% this week and up 63% since March. Iran's blockade has entered its fifth week, and neither side is showing signs of compromise. WTI closed at $106, compared with around $65 before the war, marking a nearly 80% gain in just two months. The nature of this oil rally matters: it is a pure supply-side shock, which creates a more direct transmission chain. Inflation expectations rise passively, the rate-cut window narrows, liquidity expectations tighten, and valuations for risk assets come under pressure. 2) SpaceX momentum builds, while Bitget offers preSPAX spot trading. Around May 3, the Starship flight test program made important progress, with further improvements in booster and spacecraft landing and recovery capabilities. Full-system reusability reached a new high. At the same time, SpaceX's valuation has continued to climb, placing it among the world's most valuable private companies, with strong market interest in a potential IPO. Bitget currently offers preSPAX spot trading, giving retail users one of the most direct and convenient ways to gain secondary-market exposure to SpaceX's valuation growth. 3) Small-cap futures factor strategy's Top 10 basket is 115.7% YTD. The key is diversification to capture tail events. From 400+ futures, the model selects the Top 10 daily based on factor scores and holds them equally weighted. Core factors include negative funding rates, which indicate crowded shorts paying longs; sharp OI growth without price movement, which suggests concentrated short positioning before a potential breakout; and short-led liquidations, which show that a squeeze is already underway. The Top 10 basket is up 115.7% YTD, with a maximum drawdown of 43.4% and a Sharpe ratio of 2.21. Assets to watch: BTC · PRESPAX · BIO · GALA · Coinbase (spot & derivatives; with Coinbase earnings on May 7 AMC as a potential catalyst.)

Bitget·2026/05/06 07:46
Bitget Weekly Report
VIPBitget Weekly Report

Bitget·2026/04/07 07:25
Bitget Research Weekly
VIPBitget Research Weekly

Bitget·2026/03/30 07:14
Flash
05:21
Aztec Network Suffers Attack, Loses Over $2.15 Million, Root Cause Linked to ZK Proof-L1 Settlement Mismatch
BlockBeats News, June 15th, according to BlockSec Phalcon (@Phalcon_xyz) analysis, Aztec Network's RollupProcessorV3 contract was attacked, resulting in a loss of over $2.15 million. The root cause was that numRealTxs was not correctly bound to the transaction set enforced by the ZK proof, causing a discrepancy between the proof verification path and the L1 settlement logic's interpretation of the transaction list. The attacker exploited this vulnerability to move real deposits to slots not processed by the settlement logic, bypassing the decreasePendingDepositBalance() function, creating unsecured private balances out of thin air, and then extracting them through the normal settlement process, involving a total of seven assets.
05:21
TSMC is building a Production Line Platform (PLP) to significantly improve the efficiency of AI chip manufacturing.
BlockBeats News, June 15th. According to etnews, TSMC will adopt the next-generation semiconductor packaging technology "Panel Level Packaging (PLP)" to compete head-to-head with Samsung Electronics. PLP can significantly improve the production efficiency of AI chips. As TSMC accelerates its production preparation, the power struggle between TSMC and Samsung Electronics, the first to enter this market, seems inevitable. Industry sources revealed on the 15th that TSMC is building the Materials, Components, and Equipment (MCE) supply chain to establish its PLP production system. Currently, TSMC is in discussions with domestic and foreign MCE companies regarding equipment investment. TSMC plans to start PLP mass production as early as next year, seen as a significant step towards this goal. PLP is a technology that cuts the completed circuit-manufactured wafer into individual chips (dies), and then packages them on a rectangular panel to produce the final product. This is in contrast to "Wafer Level Packaging (WLP)" done on circular wafers. When packaging chips on circular wafers, the edge area cannot be used for chips and must be discarded—resulting in lower productivity. Packaging on rectangular panels allows for chip production without waste. Based on a standard 600×600 mm rectangular panel, approximately five to six times more chips can be produced compared to mainstream 300 mm (12-inch) wafers. Currently, Samsung Electronics has a competitive advantage in PLP technology. Samsung Electronics acquired the PLP business from Samsung Electro-Mechanics in 2019 and has continuously built up its technological capabilities by applying this technology to mobile application processors (AP) and power management ICs (PMICs). In contrast, TSMC has been relatively passive in PLP technology in the past because it has established a competitive advantage in the foundry field with traditional Wafer Level Packaging (WLP). However, with the explosive growth of the AI chip market, the situation has reversed—PLP can increase the output of AI chips and is conducive to producing large-area AI chips. Therefore, TSMC has been actively promoting its PLP business since 2024. It is expected that TSMC will complete and operate a pilot production line this year, and after performance evaluation, enter mass production around next year. TSMC has reportedly secured a global AI chip customer. As TSMC accelerates PLP mass production, the competition with Samsung Electronics is expected to intensify. Samsung also plans to expand the application of PLP from existing AP and PMICs to High-Performance Computing (HPC) chips, such as AI semiconductors. In addition, the glass substrate, which is highly regarded as an AI chip substrate, is also likely to be applied in this PLP process—indicating that Samsung Electronics and TSMC will also vie for leadership in the next-generation substrate market. An industry insider stated, "Not only Samsung Electronics and TSMC, but global Outsourced Semiconductor Assembly and Test (OSAT) companies have also significantly entered the PLP process market," and added, "Intense competition is expected, and the market is poised for growth."
05:01
Analysis: Litecoin Whale Continues to Accumulate, LitVM Narrative Drives Market Attention Resurgence
BlockBeats News, June 15th, according to Santiment data monitoring, addresses holding at least 10,000 LTC, known as "Whales and Sharks," have increased by about 7% in the past 5 months, showing a continuous accumulation trend. Despite the overall flat price movement, the positions of large holders have been steadily increasing. Based on historical experience, the continued accumulation of such large addresses often leads the overall market trend, as Whales and Sharks typically position themselves before the market fully takes off. If a bull market emerges in the future, this portion of holdings may become a crucial support and drive a rapid recovery in on-chain transaction activity that had previously declined. At the same time, market interest in LTC has recently surged, mainly driven by the LitVM narrative. This project introduces smart contract functionality to Litecoin through the zkLTC wrapping solution, triggering discussions in the market about whether it can bring new demand and new use cases to LTC, and has become one of the core factors driving the current increase in social media hype.
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