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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 He believes that as the SpaceX IPO pricing approaches, liquidity in risk assets is being withdrawn, with the crypto market being the most affected due to its greater reliance on retail investors and its correlation with growth stocks and tech narratives.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.

first_img Bloomberg: The growth of the cryptocurrency industry is decoupling from Bitcoin prices, with institutions focusing on long-term infrastructure and practical use cases

According to Bloomberg, Bitcoin fell below $60,000 last week, with a market value evaporating by about $235 billion within seven days, nearly halving from last year's peak. The market value of altcoins has shrunk from a peak of $431 billion in November 2021 to about $170 billion, with less than 1,700 of the tens of millions of tokens created in recent years still having substantial trading activity. However, in stark contrast to the price trends, the most commercially valuable businesses in the crypto industry are accelerating growth.The annual trading volume of stablecoins reached about $390 billion, with total trading volume soaring 72% to $33 trillion by 2025. Over $30 billion in assets have been tokenized, and BlackRock's tokenized money market fund BUIDL has an asset size of $2.4 billion. Visa and Mastercard are expanding stablecoin settlement capabilities, and Nasdaq is collaborating with Kraken to offer tokenized stocks.Bloomberg Intelligence's Mike McGlone stated that the most important technology is stablecoins; when you have stablecoins, you don't need XRP or Bitcoin to store value. We are experiencing a cleansing, and this has only just begun. EMJ Capital founder Eric Jackson pointed out that "the Bitcoin price chart used to be the entire crypto story, but it is no longer."
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