SpaceX IPO may become a source of short-term pressure on Bitcoin

Analysts believe that SpaceX's upcoming IPO could become a new source of short-term pressure on the Bitcoin and crypto markets. As the company is said to open up to 30% of its IPO share to retail investors, some investors may sell risky assets such as Bitcoin and Ethereum to free up funds to participate in the popular offering. SpaceX plans to issue shares at $135 per share, raising $75 billion, with a valuation of approximately $1.77 trillion. The head of GSR transactions said that crypto assets may become one of the sources for some investors to raise IPO funds. Recently, there have been views that SpaceX and potential future popular IPOs such as OpenAI and Anthropic may prompt funds to flow out of the crypto market, putting pressure on Bitcoin and Ethereum prices. However, SpaceX's listing may in turn drive the growth of related trading activity on the chain. Currently, platforms such as Hyperliquid and Binance have provided SpaceX-related perpetual contracts and tokenized stock products, and the popularity of related asset trading may further increase with the IPO.