SpaceX Among Top 7 Bitcoin Holders; XRP Trapped Within Bollinger Bands; Dogecoin Founder Comments on $20T Valuation

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• SpaceX's $200 billion IPO plan exposes secret Bitcoin holdings: Elon Musk's company has filed an S-1 form, planning to list on Nasdaq with a valuation of up to $200 billion. The filing reveals 18,712 Bitcoin (worth $1.45 billion) hidden through custodial institutions, immediately accelerating the IPO process. SpaceX has entered the ranks of the world’s top seven corporate Bitcoin holders.
• XRP The XRP/USD daily chart shows an extremely compressed Bollinger Band within a narrow range of $1.36 to $1.37. Before the U.S. Senate is expected to vote on the Clarity Act in June, the likelihood of a price breakout beyond this "price barrier" remains low.
• Dogecoin co-founder Billy Markus sarcastically responded to an X user’s prediction that its market cap could reach $20 trillion, reminding the community how absurd such a valuation is, as it exceeds the total value of all gold in the world.
• Cryptocurrency market outlook: Bitcoin prices continue to fluctuate between $76,000 and $81,000, influenced by increased exchange reserves and profit-taking by whales. Local altcoin short squeezes have provided temporary market support, but the overall trend will depend on U.S. macroeconomic data to be released on Friday.

Elon Musk's aerospace company, SpaceX, has officially filed its S-1 form, submitting an application to the U.S. Securities and Exchange Commission to list on Nasdaq under the ticker symbol SPCX, with a valuation of up to $2 trillion. The most significant revelation in the filing is that the company's balance sheet contains 18,712 bitcoins, valued at approximately $1.45 billion—nearly double previous estimates—because these assets were concealed through a custodial service.

This move immediately places SpaceX among the world's seven largest corporate Bitcoin holders, ahead of Coinbase and its sister company Tesla. SpaceX began holding Bitcoin in 2021, and although there were rumors it would actively increase its holdings, the company has not made any transactions since the end of 2024.

The S-1 filing highlights three less obvious trends currently being discussed on Wall Street:

• Severe shortage of float: Musk plans to publicly list only 4-5% of the company’s shares. Reportedly, a record 30% will be allocated to retail investors through platforms such as Robinhood, Fidelity, and Schwab.
• Crypto market front-running: After the S-1 announcement, the price of synthetic SPCX contracts surged from $150 to $216, implying a valuation exceeding $2.5 trillion.
• Liquidity drain risk: Institutional investors view SPCX as a unique hybrid investment vehicle combining space investment (Starship S39), AI infrastructure (xAI), and Bitcoin. Analysts are concerned that the anticipated IPO surge in 2026 from companies such as SpaceX, OpenAI, and Anthropic may divert liquidity away from traditional spot Bitcoin ETFs.

For conservative markets, SpaceX is creating a new type of asset, where since 2021, Bitcoin appearing on corporate balance sheets is no longer seen as “just another Musk experiment.”

The XRP/USD daily chart has formed an extreme Bollinger Bands squeeze. TradingView The asset is trapped within a narrow range of $1.36 to $1.37, effectively turning the wider range of $1.29 to $1.50 into a stagnant, low-volume zone.

Although technical indicators suggest market volatility has completely frozen, large market participants are quietly adjusting their positions behind the scenes, indicating a low likelihood of a explosive rally before summer.

As funds exit major cryptocurrencies and selectively shift to others, the ETF paradox is becoming increasingly apparent. Last week, cryptocurrency ETFs experienced their largest outflow since February, totaling $1.1 billion, ending seven consecutive weeks of inflows.

Bitcoin's market cap declined by $982 million, and Ethereum's market cap dropped by $249 million. Against this backdrop, XRP showed localized strength, reversing the broader market trend with $68 million in new inflows.

The total capital of spot XRP ETFs has now reached $1.134 billion.

The price slowdown coincides with Goldman Sachs conducting a major portfolio rebalancing. Goldman Sachs has fully exited its $154 million holding in the XRP ETF, reallocating to other projects. However, other funds continue to face selling pressure due to market expectations that the U.S. Senate will vote on the Clarity Act in June.

The XRP chart is currently frozen, awaiting a fundamental trigger, as the current narrowing of the Bollinger Bands effectively rules out any random rebound in the coming weeks. A breakout beyond this "price barrier" is unlikely before June, when broader market volatility will intersect with political decisions by the U.S. Congress.

Dogecoin co-founder Billy Markus reminded the crypto industry again that sometimes the numbers calculated by calculators should also be compared to reality. On the X forum, a user claimed the market "needs Dogecoin to be valued at $20 trillion." Markus responded in his usual style, joking that such a result would at least make things less boring.

Despite the creator publicly mocking unrealistic mathematics, the industry is still attempting to push his 2013 joke into mainstream finance through legitimate institutional channels.

If its valuation reached $20 trillion, it would exceed the total value of all gold in the world. Dogecoin’s integration into the global financial system requires more than tweets—it needs comprehensive infrastructure that is still in its experimental phase.

Currently, Dogecoin holders' main hope lies in its integration into Elon Musk's X Payments ecosystem. If Dogecoin were to be added to this system, it could become a localized payment asset within a social network, rather than a global currency.

Initiatives such as Revolut’s recently launched Dogecoin-themed debit card with an LED display are largely a marketing tactic to bridge the gap with the real world. For banks, this is an attractive retail customer acquisition strategy, not an endorsement of Dogecoin as a legitimate alternative to the U.S. dollar.

Billy Markus created Dogecoin (DOGE) as a parody of Bitcoin, left the project in 2015 to buy a used car, and has not participated in its development since. While tech giants like X and Revolut continue to build business models around Dogecoin’s popularity, its creator still publicly mocks investors who expect to gain tens of billions of dollars out of thin air.

As of press time, Bitcoin’s price has been trapped in a range due to exchange reserves reaching a monthly high and pressure from whale profit-taking, despite short-term support from easing geopolitical tensions in the Middle East.

Currently, the medium-term trend of risk assets is almost entirely dependent on the U.S. macroeconomic data to be released on Friday, which will influence market expectations regarding Fed policy.

Key checkpoints:

• Bitcoin price and on-chain data: Bitcoin continues to trade within a range, with key support at $76,000. According to CryptoQuant data, whales are selling positions priced between $77,000 and $81,000 after accumulating at around $78,000. Amid exchange reserves reaching a monthly high, approximately $266 million in positions were liquidated over the past 24 hours, triggering localized short squeezes in altcoins.
• NVIDIA's earnings impact: NVIDIA exceeded expectations with revenue of $81.6 billion, earnings per share of $1.85, data center revenue of $75.2 billion, and an additional $80 billion in stock buyback authorization. The market had already priced in these results ahead of the earnings release, leading to a generally neutral market reaction.
• Main risk: The Strait of Hormuz—any escalation in the situation will rapidly push up oil prices and put pressure on all risk assets.
• May 22 macroeconomic shock: Market focus is on the U.S. leading economic indicators, the University of Michigan Consumer Sentiment Index, and inflation expectations. Strong data will increase pressure on the Fed, while weak data will support overall risk appetite.