SpaceX’s initial public offering has emerged as a variable for gauging liquidity in the cryptocurrency market. On June 12, Decrypt reported that investors are watching whether the listing will siphon more funds and attention from crypto or become a trigger for profits after listing to circulate back into risk assets.

This trend appeared first on Hyperliquid. Ahead of the SpaceX listing, open interest in SPCX, a perpetual futures contract, topped $240 million and 24-hour trading volume exceeded $220 million. SPCX rose to the eighth-largest asset on Hyperliquid by volume. It recorded trading comparable to Solana perpetual futures even with 5-times leverage. Solana perpetual futures use 20-times leverage.

SpaceX will raise $75 billion by offering 555 million shares at $135 each, according to an SEC filing. Its valuation is $1.77 trillion, ranking about seventh in the United States. That is higher than Elon Musk’s Tesla.

Experts put more weight on the possibility of near-term liquidity outflows. Adam Morgan McCarthy (애덤 모건 매카시), chief researcher at digital asset liquidity firm LO:TECH, saw retail and institutional money already moving out of risk assets to secure SpaceX allocations. He said this pressure may not disappear immediately even after trading begins.

McCarthy said cryptocurrencies and artificial intelligence are competing for the same retail investor funds. He saw the SpaceX impact as more likely to show up as a direct shrinkage of liquidity and a dispersal of attention in crypto markets than in ETFs, even as outflows from spot bitcoin ETFs accelerated in recent weeks.

A different view also emerged that if the stock jumps strongly after listing, some profits could return to cryptocurrencies. CEX.IO chief analyst Ilya Otychenko (일리야 오티첸코) assessed demand for the offering as strong enough that it was reported to have been more than five-times oversubscribed. He saw funds cycling back as possible if the shares jump 25 to 30 percent or more on the first day and the company holds its valuation even after several weeks.

Even so, the two experts did not expect SpaceX’s listing alone to determine bitcoin’s direction. They said bitcoin still reacts more strongly to macroeconomic and geopolitical variables, and the artificial intelligence boom is already dispersing attention and funds in the cryptocurrency market.

Bitcoin has risen about 1 percent over the last 24 hours and moved between $61,000 and $64,000. On prediction market Myriad, the chance of bitcoin’s next move falling back to $55,000 is priced at 71 percent.