Analysis: SpaceX IPO has attracted over $250 billion in investor demand, which may squeeze liquidity in cryptocurrencies and tech stocks
The SpaceX IPO is nearing 4 times oversubscription, with some analysts believing that this may be squeezing liquidity out of the market and putting pressure on tech stocks and the crypto market. The SpaceX IPO has attracted over $250 billion in investor demand, far exceeding its planned fundraising of $75 billion. This IPO corresponds to a company valuation of approximately $1.8 trillion, and if completed, it will become the largest public offering in history. Pricing is expected to take place on Thursday, although demand data may change before then.
Andri Fauzan Adziima, the research director at Bitrue Research Institute, stated that the current decline in crypto and tech stocks is not random volatility, but rather the "IPO tax" brought about by SpaceX's record IPO. He believes that as the SpaceX IPO pricing approaches, liquidity in risk assets is being withdrawn, with the crypto market being the most affected due to its greater reliance on retail investors and its correlation with growth stocks and tech narratives. This is not the beginning of a broader bear market, but rather a "temporary rotation."
Additionally, cryptocurrency exchanges such as Binance, Coinbase, Kraken, and Bybit have launched perpetual futures for SPCX ahead of the IPO this month. Binance's related products have accumulated a trading volume of $2.1 billion over 18 days, covering more than 130 countries; the decentralized exchange Hyperliquid has had a trading volume of $70 million in the past 24 hours, with open contracts exceeding $115 million.
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