SpaceX Listing Imminent. Funds Flood Into SpaceX On-Chain Tokens, Bitcoin Rebound Momentum May Be Weakened

TradingKey - Perpetual contracts and pre-market tokens for SpaceX are attracting liquidity from the cryptocurrency market, hindering a further rally in Bitcoin.

On June 11, Bitcoin ( BTC) continued to oscillate within the $60,000 to $64,000 range. Last night, following the release of the U.S. May CPI data, Bitcoin rose from $61,000 to $62,000 before falling and erasing those gains. It has currently rebounded back above $62,000, indicating that bearish momentum is exhausting, which presents an optimal window for bulls to consolidate for a counterattack. However, will SpaceX's imminent listing pose a hurdle to a BTC rebound?

Bitcoin price chart, Source: CoinMarketCap

On June 12, Elon Musk's aerospace giant SpaceX will officially list on the Nasdaq (Ticker: SPCX). This "largest IPO in history," with an estimated market valuation of $1.77 trillion to $2 trillion and a planned capital raise of $75 billion, is likely to attract liquidity not only from traditional financial markets but also from the cryptocurrency market. Data indicates that SpaceX has already drawn some liquidity away from the crypto market, which is unfavorable for Bitcoin's upward momentum.

Prior to SpaceX shares becoming publicly available for trading, sophisticated capital in the crypto market has already been seeking "proxy tools." These are primarily divided into two categories, both of which have diverted significant liquidity away from mainstream coins: (1) Top-tier exchanges such as Binance, OKX, and Coinbase have launched SPCX pre-market perpetual contracts, with total open interest across the network exceeding $300 million and trading volume reaching $2.7 billion—Binance alone contributed over $2 billion in volume within ten days of listing; (2) Platforms like Trade.xyz, Kraken (xStocks), Bitget, and MEXC have introduced on-chain tokens pegged to SpaceX's pre-market value, attracting retail investors to bet directly with stablecoins like USDC and USDT, totaling approximately $100 million.

Currently, while SpaceX has not yet officially listed, it has already attracted a portion of the crypto market's liquidity. Post-listing, it is likely to maintain or even attract more internal funds. Additionally, it could siphon capital from the U.S. stock market away from spot Bitcoin ETFs. The Nasdaq 100 Index is expected to trigger a "fast-track inclusion mechanism," forcibly adding SpaceX as a constituent within 15 trading days of its debut. This means that passive tracking funds managing trillions of dollars globally (such as QQQ) will be forced to purchase tens of billions of dollars in SpaceX stock in the short term. To free up capital, multi-asset institutions may liquidate their crypto holdings or reduce their allocations to spot Bitcoin ETFs.