Crypto Liquidations Hit $1.4B as Galxe Launches Gravity L1, SpaceX IPO Raises $85.7B

Crypto News

Crypto derivatives markets absorbed a sharp shakeout over the past 24 hours, with roughly 1.376 billion dollars in leveraged positions forcibly closed. Long liquidations reached about 726.21 million dollars, or 52.8 percent of the total, while short liquidations totaled 649.67 million dollars at 47.2 percent. Ether and Bitcoin anchored the wipeout, yet several mid-cap altcoins drove the heavier volatility: SUI alone saw close to 179 million dollars in combined liquidations, followed by DOGE, HYPE and XRP. The two-way damage points to a choppy, direction-flipping tape rather than a clean trend, a hallmark of thinning liquidity and crowded short-term positioning.

The team behind Galxe brought its high-performance Layer-1 network, Gravity, into full mainnet operation, targeting AI agents and large-scale on-chain applications. The chain advertises block times near 200 milliseconds, sub-second finality and ERC-20 throughput above 12,000 transactions per second. Gravity evolved from an Arbitrum Nitro-based Layer-2 launched in 2024 that processed more than 611 million transactions across 28.5 million wallets over 22 months. Galxe is now migrating core products — quest, airdrop, passport and identity protocols — onto the L1. Its native token, G, converts from the former GAL token at a 60-to-1 ratio with a 12 billion maximum supply, and a built-in native oracle lets validators attest to external-chain events within consensus.

On Base, leading decentralized exchange Aerodrome confirmed it will roll out a prediction-market incentive model called Predictive Allocation from July, replacing its weekly gauge-voting system. The design asks participants to forecast future demand and commit capital behind those views, channeling rewards toward pools the market expects to perform. The shift draws on futarchy, the governance concept that communities should vote on values but bet on beliefs. A similar pattern is spreading: Reppo, built within the Virtuals Protocol ecosystem, plans to apply prediction markets to AI dataset validation. For an automated market maker, tying emissions to staked conviction aims to reward better-informed allocation over governance theater.

New York-based Beyond Identity, which has raised more than 200 million dollars, unveiled Ceros, a platform built to secure enterprise AI agents. It extends identity and access controls long used for employee accounts to autonomous software, logging each agent session alongside the user and device that launched it. Ceros maps the external components agents rely on — cloud LLMs, MCP servers and local tools — and binds credentials with device-bound passkeys that cannot be exfiltrated, mitigating prompt-injection and API-key theft. The category is heating up: rival Cyera raised 600 million dollars last week at a 12 billion dollar valuation. As agents move toward AI crypto wallet access, such guardrails grow critical.

A separate episode exposed the limits of tokenized private-market exposure. Bybit canceled a tokenized product tied to the SpaceX offering and refunded users, after it emerged that buyers held third-party tokenized exposure rather than actual SpaceX shares. Tokenized pre-IPO instruments depend on real share procurement, custody and legal settlement all functioning together; when demand outruns supply, the token wrapper alone cannot bridge the gap. The case lands as exchanges push deeper into real-world assets — Bybit separately launched tokenized PIMCO and China Merchants Bank International bond funds through a new RWA platform — even as the broader tokenized-asset market, near 31.8 billion dollars, remains dominated by standardized Treasuries.

SpaceX completed a record initial public offering, pricing shares at 135 dollars and raising roughly 85.7 billion dollars after underwriters exercised their greenshoe option to lift the issue to 638.89 million shares — eclipsing Saudi Aramco’s prior 29 billion dollar mark. Despite a pledge to allot up to 30 percent to retail, the final retail share landed at 20 percent, and Korean individual investors received none after the lead bank reclaimed an earmarked allocation. Shares closed their second session up 42.6 percent at 192.5 dollars, valuing the firm near 2.5 trillion dollars. Days later, SpaceX agreed a 60 billion dollar all-stock deal to acquire AI coding firm Cursor.

These threads — autonomous agents demanding new security rails, tokenization straining against settlement reality, and leverage flushing out in both directions — converge on a market testing how fast infrastructure can mature. COINOTAG’s aggregate data frames the caution: the Fear and Greed Index sits at 23, deep in Extreme Fear, while Bitcoin dominance holds near 69.6 percent and total crypto market capitalization stands around 1.92 trillion dollars. That mix — capital concentrating in Bitcoin as sentiment sours — suggests participants are de-risking even as builders ship AI-native chains and real-world-asset rails. The liquidation data reinforces it: in a bear market tape, leverage is being punished, not rewarded.