Elon Musk’s net worth fell by roughly $150 billion in a single session after SpaceX shares slid 16%. The drop was part of a three-day decline that wiped out hundreds of billions in market value following the company’s record IPO. SpaceX closed at $154.60 after the move, the lowest level referenced in the summary.

About 120,000 traders have been wiped out over the past 24 hours as crypto liquidations continue to climb. The selloff has pushed liquidation totals above $500 million.

Bitcoin is under pressure from two sides: sustained selling and a fresh macro headwind. Analysts say a strengthening U.S. dollar is adding to downside forces. They also point to continued distribution as weighing on the market.

SpaceX’s $600 billion slide triggered a rapid selloff across crypto markets, wiping out nearly half of bitcoin’s market capitalization in three days. The move underscored how quickly digital-asset valuations can swing. It also highlighted how major corporate financial decisions can ripple through cryptocurrencies.

Analysts said Bitcoin’s slide from $82K to $62K could carry more significance than the earlier drop from $102K to $82K. They argued the latest decline comes alongside a clearer reversal in institutional flows rather than a simple slowdown. Without a major catalyst, they said near-term buying could remain limited.

Bitcoin’s futures market saw a sharp leverage reset as BTC open interest fell 19.5%, a larger drop than the price decline. Open interest slid from $26.0 billion to $20.89 billion, suggesting traders cut exposure and shifted attention toward spot demand. The move has fueled debate over whether any next leg higher can be driven more by spot buying than derivatives positioning. Cryptoquant shared the open-interest figures on June 22.

Strategy added 520 BTC and increased its USD reserve by $300 million to $1.4 billion. The company said it plans to keep replenishing the cash buffer to support the credit quality of its Digital Credit securities. The update also put its Bitcoin reserve at 847,363 BTC, according to Michael Saylor’s post on X.

Bitcoin has lagged equities as expectations for Federal Reserve rate hikes have risen, Grayscale Investments said. The firm argued bitcoin could narrow that performance gap if policymakers refrain from raising rates. In its view, shifting rate expectations have contributed to diverging moves across bitcoin, stocks and gold.