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According to a report by Fortune, David Trainer, CEO of research firm New Constructs, analyzed that to support a valuation of approximately $1.75 trillion, SpaceX needs to increase its annual revenue to about $1.1 trillion by 2035, which is nearly a 60-fold increase from $18.7 billion in 2025, equivalent to maintaining an average annual revenue growth rate of about 50% over the next decade.According to the prospectus previously submitted by SpaceX, the company's revenue in 2025 is projected to be $18.7 billion, with a net loss of $4.9 billion. Trainer calculated based on a discounted cash flow model that if investors want to achieve an annualized return of about 10% over the next decade, SpaceX must achieve the aforementioned growth targets.Analysis indicates that if it reaches a revenue scale of $1.1 trillion, SpaceX's revenue would account for about 2.4% of the U.S. GDP in 2035, with an economic scale exceeding the entire U.S. utility industry and approaching three-quarters of the U.S. transportation industry.Trainer stated that although the artificial intelligence market has vast potential, many competitors, including Alphabet, Microsoft, NVIDIA, and OpenAI, are competing for market share, and SpaceX lacks historical precedent to achieve such a scale of growth. He believes that SpaceX could not only become the largest IPO in history but also the most expensive in terms of valuation.

According to Jinshi reports, institutional analyst Anstey stated when evaluating the U.S. non-farm data that considering the Federal Reserve's mission to maintain price stability and achieve full employment, the current job market does not seem to need assistance. At the same time, the inflation rate is far above the Federal Reserve's target of 2%. It is expected that next week's CPI data will show the core inflation rate rising to 2.9%, with overall inflation soaring 4.2% year-on-year. It would be surprising if Federal Reserve policymakers do not further hint at a possible interest rate hike in 2026.

CryptoQuant analyst Darkfost stated that Bitcoin has dropped 14% since June, with a noticeable acceleration in the recent pullback. The inflow of Bitcoin from whales (single transactions over 100 BTC) on the Binance platform has surged, recording a peak of about 8,200 BTC on June 2, followed by over 6,400 BTC on June 4. The monthly average of whale inflows on Binance has increased from about 1,200 BTC since mid-April to now over 2,800 BTC, more than doubling in a few weeks.This indicates that the pullback is prompting whales to transfer BTC back to exchanges with the intention to sell, but this behavior seems more like emotional risk management rather than a strategic decision. The last time whale inflows reached such levels was in February when Bitcoin fell below $60,000, which will bring additional selling pressure in the short term.

CryptoQuant analyst Darkfost posted on the X platform that Bitcoin fell 12.5% in the past week, and the proportion of profitable supply has dropped to 55%, which is significantly low. Historically, bear markets have pushed this indicator below 50%, indicating that unrealized losses dominate the market. In February of this year, this indicator reached 53%, and at the current rate, the 50% threshold is about to be breached. Darkfost stated that while this is a bearish signal in the short term, such periods have historically been profit opportunities for long-term investors.

According to Jinshi, Wall Street analysts have begun to adopt a skeptical attitude after two months of continuous gains in the stock market, and researchers are downgrading the ratings of S&P 500 constituent companies. Data from Jefferies shows that the proportion of constituent stocks receiving a "buy" rating is nearly the same as it was four years ago, far below the peak levels during the internet bubble. Jefferies Senior Vice President Andrew Greenberg stated that the sell-side has not yet shown any signs of buying.

On-chain analyst Axel Adler Jr stated in a recent report that the Bitcoin market has entered a significant volatility compression phase. The realized volatility over the past week (30-day moving average) has dropped from about 39 in early March this year to the current level of around 17, with a quarterly decline of over 56%, approaching historical low levels. Currently, the BTC price remains around $73,500, still below the approximately $79,500 200-day moving average. Historical experience shows that extremely low volatility often indicates that the market is accumulating energy, typically followed by a significant directional trend. However, volatility compression itself does not provide directional signals; it merely indicates that the market is about to make a new trend choice.Meanwhile, the Delta indicator, which reflects changes in market premiums (the difference between market capitalization growth rate and realized market capitalization growth rate), has been in negative territory for six consecutive months, further dropping to about -0.0013 in May. This indicator suggests that the growth rate of Bitcoin's market capitalization continues to lag behind the growth rate of realized market capitalization, indicating a contraction in market risk appetite and valuation premium.The current market exhibits a combination of "low volatility + cooling premiums," which is not a typical overheated bull market structure but rather resembles a consolidation phase after emotional cooling. If BTC subsequently returns above the 200-day moving average, and Delta rebounds to near zero, it will indicate that the market has re-entered a risk appetite expansion cycle; conversely, if volatility releases downward and Delta continues to deteriorate, it may enter a deeper risk-averse phase.In summary, Axel Adler Jr stated that the current market direction remains neutral, but the degree of compression is at a high level, and the probability of significant directional volatility in the future is continuously increasing.

Analyst Ali tweeted that the TD Sequential buy signal has appeared on the 12-hour chart for Bitcoin, which may rebound to $75,000.

Michael van de Poppe, founder of MN Trading Capital, posted on platform X, stating, "Bitcoin is at a critical price level, and if it cannot hold, it will drop below $65,000." However, he believes that a new low will not occur. In that case, Bitcoin would fall below $61,000, where the 200-day moving average is located. Further declines would be meaningless, as this would not yield good results in any market cycle. However, this structure is different from the decline in February. The reason is that the resistance level in February failed to convert into a support level.Currently, the $71,000 area remains a key support level. Poppe believes that this support must hold to prevent further pullbacks. If it can hold, then the $61,000-$65,000 range will be an excellent buying opportunity for Bitcoin in the coming years. If this support holds, then the second phase target is to break through $76,600. If this price level is breached, a new high is imminent, and a strong altcoin summer rally is likely to be seen.

Bloomberg Senior ETF Analyst Eric Balchunas posted on the X platform that Bitcoin's volatility and correlation are increasingly approaching gold levels. This trend is significantly underestimated in the current market adjustment and may be a positive signal amid recent market turbulence.According to the 60-day historical volatility comparison data between IBIT and the Gold ETF (GLD) since its launch, it can be seen that Bitcoin's volatility structure is gradually aligning with gold, indicating that its asset characteristics may be changing.Eric Balchunas added that despite the highly volatile market environment, the BlackRock Bitcoin Spot ETF (IBIT) has continued to outperform U.S. stocks since the escalation of the Iran conflict, achieving more than double the excess returns compared to the S&P 500 ETF (SPY) since the approval of the BlackRock ETF.

Bloomberg's senior ETF analyst Eric Balchunas posted on the X platform that the 2x leveraged SK Hynix ETF has grown its asset size by about 10 times this year, and it has now become the third largest ETF in the Hong Kong market, accounting for approximately 8.5% of total ETF assets.Eric Balchunas also pointed out that the ETF's daily trading volume exceeds the $1 billion level. When calculated in terms of the U.S. market size equivalent, this is about $150 billion in daily trading volume, which is considered extremely rare in the global ETF market. If proportionally converted, the scale of this ETF in the U.S. market would be equivalent to about $1.3 trillion level ETFs, but products of this magnitude do not currently exist globally.

Bloomberg ETF senior analyst Eric Balchunas posted on the X platform, revealing that the FTSE Russell Governance Committee has approved adjustments to the fast-entry IPO rules and the minimum entry standards for indices, receiving broad support after completing market consultations.According to the latest methodology update, the rules are effective immediately: when the investable market capitalization of an IPO exceeds the market adjustment total market capitalization threshold of the Russell Top 500 Index from the previous rebalancing, that IPO will qualify for fast-entry assessment into the index. The relevant threshold will be adjusted quarterly based on semi-annual rebalancing.This adjustment aims to enhance the index's responsiveness to large newly listed companies, allowing for quicker inclusion in major benchmark index systems, thereby improving the index's representativeness and market adaptability.

According to on-chain analyst @ai_9684xtpa, the $ESPORTS token experienced a flash crash with a decline of 92%, suspected to be related to DWF Labs.Five days ago, the address 0x7Ef...C10dD deposited 19.9 million ESPORTS (worth 13.9 million USD) to a Kraken address associated with DWF, and the upstream funds of that address are the token deployment address, which is also one of the addresses that contributed to this flash crash, having frequently sold tokens on-chain.

According to Jinshi reports, BlackRock stated that under the leadership of the new Federal Reserve Chairman Waller, the Federal Reserve may have sufficient reasons to support a rate cut rather than a rate hike. Navin Saigal, head of Global Fixed Income for BlackRock Asia Pacific, indicated that the labor market will face pressure, which may suggest that the Federal Reserve will either hold steady or cut rates.Saigal's comments contrast with the general expectations of bond investors, as the market is almost certain that the Federal Reserve will raise interest rates before December.

CryptoQuant analyst Axel Adler stated that Bitcoin has lost its structural upward momentum amid a sharp deterioration in the macro environment, which is an important signal indicating that the market is currently more in a "Risk-off" phase. Until its on-chain "Impulse" indicator returns above the zero axis, every rebound of BTC still lacks confirmation.He pointed out that the recently released fourth part of "Decision Architecture for Bitcoin" focuses on building a macro framework based on the Dollar Index (DXY), 10-year U.S. Treasury yield, and VIX volatility index. The core idea is that not all macro fluctuations will disrupt on-chain structure, but when macro factors truly enter a "dominant mode," even if on-chain data is positive, the market may temporarily lose upward momentum.In addition, CryptoQuant has added a U.S. spot Bitcoin ETF dashboard this week, covering data such as weekly net inflows, cumulative flow, 30-day ETF Flow Momentum, changes in demand over the past four weeks, and fund distribution among various ETFs. Currently, the 30-day ETF momentum is only $362.8 million, while this indicator reached a peak of $13.21 billion in December 2024 and fell to a low of -$5.36 billion in November 2025.Adler emphasized that the Coinbase Premium Index remains an important indicator for observing U.S. spot demand: when this index consistently stays above zero, it indicates that U.S. buying is still supporting the market; if it turns negative, even if BTC rises, its movement may lack genuine support from U.S. demand.

Cryptocurrency analyst Michaël van de Poppe stated that Bitcoin could drop to $60,000 after breaking below the "key" support area between $75,000 and $76,000. He mentioned, "If Bitcoin can break above $76,600, it will be an excellent area for strong upward momentum. But for now, it is wise to remain conservative."

According to Cointelegraph, cryptocurrency market analyst Michaël van de Poppe stated that Bitcoin has fallen below the key support range of $75,000 to $76,000. If it cannot recover above $76,600, it will be difficult to support expectations for new highs, and the price may drop to the $60,000 range. He also pointed out that there are several CME Bitcoin futures gaps above, with the highest being above $79,000, and that market pullbacks that occur on Fridays often turn bullish again.

CryptoQuant analyst Darkfost tweeted that since October 10 of last year, the Bitcoin derivatives market has undergone an 8-month deleveraging process, with Binance futures positions once falling below the 180-day moving average.However, this trend began to change in early May. Binance Open Interest rebounded from $6.4 billion in March to approximately $8.96 billion currently, re-establishing itself above the 180-day moving average (around $8.75 billion), marking the basic end of the deleveraging phase.Darkfost pointed out that traders re-entering the market have provided support for the current rebound, but the macro environment remains severe, and the trend is still relatively weak.

According to Jinshi reports, driven by optimistic sentiment towards AI and strong earnings reports, both the S&P 500 index and the Nasdaq have reached all-time highs. However, this round of increase clearly lacks breadth, with most of the gains primarily contributed by large tech stocks. UBS analysts pointed out that in the six weeks ending May 15, the lead of the market-cap weighted S&P 500 index over the equal-weighted S&P 500 index reached the largest margin in at least 35 years. UBS recommends that investors reduce overly concentrated positions and guard against concentration risk.

On Wednesday, both WTI and Brent crude oil fell more than 2%, as U.S. President Trump once again claimed that the war with Iran would soon come to an end. However, due to ongoing supply disruptions in the Middle East, investors remain cautious about the outcome of negotiations. Emril Jamil, a senior oil research analyst at the London Stock Exchange Group, stated that as the market assesses the geopolitical situation, benchmark oil prices have softened due to the possibility of an agreement.However, even if an agreement is reached, there may still be some upward potential for oil prices, as supply is unlikely to return to pre-war levels immediately. Toshitaka Tazawa, an analyst at Fujitomi Securities, noted that as the U.S. position changes daily, investors are closely watching whether the U.S. and Iran can truly find common ground and reach a peace agreement. Given the possibility that the U.S. may strike Iran again, and that even with a peace agreement, crude oil supply will not quickly return to pre-war levels, oil prices may remain elevated.