Bitcoin held steady above $64,600 on Thursday, up marginally on the day and roughly 0.5% for the week, as traders turned their attention to a much larger event unfolding in traditional markets: the first lockup expiration of SpaceX stock, freeing close to $101 billion worth of shares for trading.
The unlock is a notable crossover moment for crypto markets because SpaceX itself holds a Bitcoin treasury. The company held 18,712 BTC, valued at approximately $1.1 billion as of the end of June, meaning any volatility triggered by the stock unlock carries indirect relevance for Bitcoin holders tracking corporate treasury behavior.
A Staggered $123 Billion Unlock Event
Two trading days after SpaceX reported earnings on August 4, insiders became free to sell up to 20% of their restricted holdings, roughly 911.5 million shares worth close to $123 billion at recent prices. That figure dwarfs SpaceX's current tradable float of below 280.1 million shares, meaning even a fraction of insider selling could meaningfully increase available supply. Rather than a standard single 180-day lockup, SpaceX structured a staggered release: additional tranches of roughly 7% unlock at days 70, 90, 105, 120 and 135 after the IPO, with a larger 28% tranche following Q3 earnings, before the full 180-day period concludes around December 8, 2026.
Altcoins Mixed, Asian Equities Under Pressure
Elsewhere in crypto markets, Ethereum rose over 1% to around $1,904, still down 0.7% for the week, while XRP fell nearly 3% to $1.04. BNB slipped over 1% to around $595 but still led the week's major gainers at 3.5%, and Solana dropped nearly 1% to $74. Hyperliquid held up better, staying near $56 and up more than 4% on the week, while Dogecoin slid to 7 cents.
The moves came against a shaky backdrop in traditional markets. South Korea's Kospi index dropped 4.4%, with chipmakers SK Hynix and Samsung leading the losses as the broader AI trade wobbled globally. The MSCI All Country World Index fell 0.2%, snapping a five-day rally, while gold climbed 0.4% to its strongest level since June on reduced rate-hike expectations. Brent crude stayed under $80 a barrel following a reported shipping agreement between Iran and Oman.
Bitcoin's Relative Resilience Stands Out
Against that turbulence, analysts flagged Bitcoin's comparative stability as notable in its own right. Alex Kuptsikevich said momentum has been building since Monday, when buyers defended a dip toward $62,500 and pushed the price back above its 50-day moving average. He described the current mood as "centred more on bitcoin than on the wider market," a pattern he characterized as typical of early long-term shifts in sentiment rather than a broad risk-on rally.
With traditional equities digesting both the AI-trade wobble in Asia and the SpaceX supply shock, Bitcoin's ability to hold above $64,000 through the volatility will likely factor into how traders read its decoupling from broader risk assets in the sessions ahead.
