SpaceX's $75B IPO Could Pull Capital From Bitcoin, Ether

Bitget expanded its tokenized SpaceX offering from $3 million to $13 million after strong demand. The subscription increase signals growing appetite for blockchain-based access to traditional equity markets, even though the amount is small relative to the IPO's size.

The capital rotation thesis has counterarguments. Some traders note that Bitcoin's liquidity has deepened since previous large IPOs, potentially absorbing outflows without major price damage. Others point out that the tokenized products themselves keep capital within the crypto ecosystem rather than sending it outside.

Hallarn said the net effect depends on whether investors use new fiat capital to buy tokenized SpaceX or sell existing crypto holdings. If the latter, the IPO could boost crypto volumes through related trading activity rather than draining them.

The SpaceX IPO is expected to price in the coming weeks. Until then, Bitcoin and Ethereum remain sensitive to shifts in risk appetite or liquidity allocation, particularly as crypto market depth continues to evolve.