3 crypto coins to watch as excitement builds around the SpaceX IPO

The narrative that “crypto is dead” tends to resurface every cycle, usually right when the market is quietly laying the foundations for its next move. With the SpaceX IPO expected to inject fresh liquidity and risk appetite into global markets, several crypto assets are already showing signs of strength. While there’s no direct link between SpaceX and these coins, a big tech IPO can reignite interest in high-risk, high-reward assets like crypto.

Below are three crypto coins and themes to watch closely: Bitcoin, Hyperliquid, and Bittensor (TAO). Each sits at the center of a major narrative—digital gold, 24/7 derivatives trading, and decentralized AI—that could accelerate if the broader risk-on environment returns.

1. Bitcoin: watching the 200-week and 200-day moving averages

Bitcoin remains the bellwether for the entire crypto market, and its long-term technical levels are flashing important signals. One of the most closely watched indicators is the 200-week moving average (200W MA), a line that smooths out Bitcoin’s price over roughly four years.

Historically, when Bitcoin’s price touches or slightly dips below the 200W MA, it has often marked the beginning of a bottoming process rather than a single, precise bottom day. After that first touch, smaller moving averages (like the 50-week or 100-week) usually take months to drift down and consolidate around the same zone. This slow convergence tends to form a long-term base before the next major uptrend.

We saw this pattern in the 2018 bear market: Bitcoin had already been falling for months before it finally hit the 200W MA. That touch didn’t instantly reverse the trend, but it did kick off a multi‑month bottoming phase that eventually led into the next bull cycle. The current cycle appears to be following a similar script, with price bouncing around the 200W MA area again.

On the flip side, the 200-day moving average (200D MA) is a key line for spotting the transition back into a clear bull market. If Bitcoin can reclaim the 200D MA, hold above it, and confirm that level as support, it has historically signaled that the worst of the bear phase is over. In that scenario, you might miss the exact bottom, but you catch the broader uptrend.

In simple terms, long-term investors are watching two things:

• The 200-week MA as the start of the bottoming process.
• The 200-day MA as the confirmation that a new bull market is underway.

With macro risk appetite potentially boosted by the SpaceX IPO and other major tech events, a decisive move above the 200D MA could be the green light many sidelined investors are waiting for.

2. Hyperliquid: blue-chip 24/7 derivatives trading

While Bitcoin sets the tone, some of the fastest growth in crypto is happening in derivatives and perpetual futures. Hyperliquid has quickly emerged as a standout player in this space, building a decentralized exchange focused on high-leverage, 24/7 trading across crypto, commodities, and even stock-linked assets.

One of the biggest shifts recently is regulatory: the U.S. Commodity Futures Trading Commission (CFTC) approved the first regulated perpetual futures contracts, directly acknowledging the demand for round-the-clock markets. Traditional exchanges still close for more than 125 hours every week, but digital asset markets never sleep. Hyperliquid is positioned right at that intersection—offering perpetual futures that trade nonstop and cater to traders who want constant access.

Several data points highlight how quickly Hyperliquid has grown:

• Open interest in real-world asset (RWA) markets on Hyperliquid has hit around $3 billion, with the platform setting a new open interest record every month since its launch in late 2025.
• The largest U.S. exchange, Coinbase, has become the official deployer of Hyperliquid’s USDC treasury wallet, signaling deeper integration with the broader crypto infrastructure.

Hyperliquid is not guaranteed to remain the dominant player—now that the CFTC has opened the door, more competitors will enter the market. But for now, it’s considered a blue-chip name in decentralized derivatives, with strong product-market fit and clear demand from traders who want 24/7 exposure to multiple asset classes.

For investors looking for altcoins tied to real usage rather than pure speculation, Hyperliquid’s growth in volume, open interest, and integrations makes it a compelling project to watch—especially in a risk-on environment fueled by events like a SpaceX IPO. For more context on how Hyperliquid’s leadership views this opportunity, see our coverage of why its CEO thinks banks are undervaluing a potential SpaceX IPO.

3. Bittensor (TAO): owning a piece of decentralized AI

Artificial intelligence and crypto are colliding in a big way, and Bittensor (TAO) sits at the center of that crossover. While companies like OpenAI and SpaceX are building powerful, centralized AI systems, Bittensor is trying to do the opposite: create a decentralized AI network that anyone can own, build on, and verify.

The core idea is simple but powerful:

• Anyone can own TAO, the native token of the Bittensor network.
• Anyone can build AI models or services as “subnets” on top of Bittensor.
• The entire system is transparent and open-source, unlike closed corporate AI stacks.

This approach comes with trade-offs. Decentralization can slow development compared to centralized tech giants, but it also opens the door for global participation. Instead of only venture capital and insiders owning the upside of AI infrastructure, TAO allows everyday investors and developers to hold a direct stake in the network.

Early signs of real-world traction are already visible:

• One of Bittensor’s top subnets has been serving more open-source AI tokens than any other provider in its segment.
• Many users interact with products powered by Bittensor subnets without even realizing TAO is involved under the hood.
• A growing number of AI startups are choosing to plug into Bittensor for compute and distribution, effectively betting on its long-term success.

As AI mania continues—with multiple high-profile tech IPOs and product launches—Bittensor offers a way to gain exposure to AI infrastructure in a more open, community-owned format. If decentralized AI becomes a mainstream narrative, TAO is well positioned to benefit.

Ethereum’s quiet reset: staking up, profits down

While Bitcoin, Hyperliquid, and Bittensor capture headlines, Ethereum is quietly going through its own reset. On-chain data shows that roughly 32.3% of all ETH supply is now staked, locking up a significant portion of the circulating supply and reducing sell pressure from long-term holders.

At the same time, the share of ETH sitting at a 3x or higher profit has dropped to about 11%—its lowest level since early 2017. In practice, this means most Ethereum holders would be selling at a loss if they exited now. Historically, such conditions often coincide with late-stage bear markets or early accumulation phases, when sentiment is weak but long-term opportunity is building.

On the regulatory front, more than 200 crypto companies, including those backed by Coinbase, have urged the U.S. Senate to pass the Clarity Act. The goal is to provide clearer rules around digital assets, including staking. If successful, this could reduce regulatory uncertainty around Ethereum’s core features and make institutional participation more comfortable.

Investors following Ethereum’s long-term story—DeFi, NFTs, and layer-2 scaling—may want to keep an eye on both staking metrics and regulatory progress. For a broader look at how altcoin investment flows are evolving compared to Bitcoin, see our piece on why Bitcoin ETFs are bleeding while altcoin funds gain traction.

Sam Bankman-Fried, pardons, and trust in crypto

In the background of all this innovation, the industry is still dealing with the fallout from past scandals. Former FTX CEO Sam Bankman-Fried, currently serving a 25-year sentence for fraud and money laundering, has formally applied for a presidential pardon. The application reportedly seeks a pardon after he serves his sentence, and he continues to publicly insist that he did not steal user funds, pointing to claims that customers were ultimately repaid more than 100% of their deposits.

Whether or not those repayment numbers hold up under scrutiny, the damage to trust is real. FTX commingled customer funds and operated with glaring risk management failures. A potential pardon—especially if granted before the appeals process and public understanding are fully resolved—would likely be seen by many in the crypto community as a step backward for accountability.

For investors, the key takeaway is not just the legal drama, but the reminder to prioritize transparency, on-chain verifiability, and robust risk controls when choosing platforms and projects. The rise of decentralized exchanges like Hyperliquid and open networks like Bittensor reflects a broader desire to move away from opaque, centralized custodians that can fail spectacularly.

How the SpaceX IPO could spill over into crypto

So where does the SpaceX IPO fit into all of this? While SpaceX itself is not directly tied to any of these coins, major tech IPOs tend to create new wealth and rekindle risk appetite. Employees, early investors, and traders who profit from the listing often look for the next high-upside opportunity—and crypto is a natural candidate.

If the IPO performs well, it could:

• Boost overall market sentiment and encourage more speculative positioning.
• Push some newly liquid investors to diversify into digital assets.
• Reinforce narratives around frontier tech—space, AI, and crypto—moving in tandem.

In that environment, assets with clear narratives and visible traction—Bitcoin as digital gold, Hyperliquid as a 24/7 derivatives hub, and Bittensor as decentralized AI infrastructure—are likely to see outsized attention.

Final thoughts

Crypto is far from dead. Under the surface, key pieces of the next cycle are already in motion: Bitcoin is testing long-term support, Hyperliquid is pushing the boundaries of 24/7 trading, and Bittensor is quietly building a decentralized AI ecosystem. Ethereum, meanwhile, is resetting with high staking participation and low realized profits, setting the stage for its next chapter.

None of this guarantees “massive gains,” and every investor should do their own research and manage risk carefully. But as the SpaceX IPO and other major tech events reignite global risk appetite, these three crypto narratives are well worth watching.