NewsVideoPricesResearchEventsData & IndicesSponsoredliveUpdated 16 minutes agoCrypto firmed across the board on the largest listing in history, but the token most tied to Elon Musk traded right in line with the market.Japan's rate hike next week puts crypto's carry-trade risk back in focusThe Bank of Japan is expected to raise its policy rate to 1% from 0.75% when its meeting concludes on June 16, the highest level since 1995, and to signal readiness to keep going. It puts the yen carry trade back in focus, which has tended to impact crypto markets. Since decades, a cheap yen has funded leveraged bets on risk assets, crypto among them. Higher Japanese rates and a firmer yen make that borrowing more expensive and can force an unwind that drains global liquidity. The last time the BOJ surprised with a hike, on August 5, 2024, the resulting unwind dropped bitcoin from about $64,000 to $49,000 in two days.The move would line Japan up with the ECB, which hiked on Thursday, and a Fed that this week's energy-driven inflation has kept on hold. Policy is tightening on every front, the opposite of the easy liquidity that fuels crypto.As such, the hike is widely expected and mostly priced, and even at 1% Japan's real rates stay deeply negative, so the carry trade is not dead. Japanese investors have kept buying foreign assets, and there is little sign of an unwind so far. A sign of caution, however, is a hawkish forward signal landing on stretched positioning, with speculative bets against the yen back near their July 2024 levels.Crypto is shrugging for now. Bitcoin trades up on SpaceX's IPO day near $63,000, per CoinDesk data.Binance Wallet's SpaceX IPO subscription drew $557 million from nearly 28,000 walletsCrypto users committed about $557 million to Binance Wallet's onchain SpaceX IPO subscription, spread across 27,689 addresses, according to Dune data. The product let holders deposit USDC for exposure to Friday's Nasdaq listing.The split was lopsided. Addresses putting in $20,000 or less made up about 81% of participants but only 18% of the funds. The $20,000 to $100,000 bracket was 17% of participants and nearly 58% of the total. And 114 addresses put in $500,000 or more, the apparent cap, supplying about 10% on their own.This is the crypto-native slice of a far bigger wave. SpaceX drew more than $250 billion in total demand, with retail orders alone above $100 billion, before pricing at $135 a share for today's debut as SPCX.The breakdown shows how far onchain rails have moved into IPO access. The crowd is retail by headcount. The dollars still come from the big wallets.SpaceX prices its record IPO at $135. Dogecoin, the Musk-linked meme, barely movedSpaceX priced its initial public offering at $135 a share and starts trading on the Nasdaq on Friday under the ticker SPCX. The $75 billion raise is the largest IPO in history. It values the company near $1.75 trillion and puts Musk on track to become the world's first trillionaire. Demand topped $250 billion, with retail orders alone above $100 billion.Crypto took the cue higher. Bitcoin rose about 1.6% to roughly $63,550 and is now green on the week, per CoinDesk data, recovering the ground it lost in the early-June selloff. Solana added 3%, XRP and dogecoin each rose 2.3%, and Hyperliquid bounced 7.6% on the day.Dogecoin barely stood out. It rose 2.3%, in line with the broad market. The token has spent years jumping on Musk and SpaceX headlines, and this was the biggest SpaceX event ever.The real signal comes when SPCX prints its first trade. A strong debut confirms the risk-on turn, while a weak one tests it.12345678910