Trading volume in SpaceX pre-IPO token SPCX plunged more than 95 percent in a day, bringing renewed attention to liquidity problems in the real-world asset (RWA) market.

On June 14 local time, blockchain outlet U.Today reported that SPCX still maintains a market capitalisation of about $440 million. But the sharp drop in daily trading volume ahead of any SpaceX listing is raising the need to review investor demand and the product structure.

The market is focusing more on deteriorating liquidity than on the price itself. When volume falls, investors can find it harder to enter and exit positions, and prices can move sharply even on small trades, potentially increasing volatility.

SPCX is a blockchain-based product designed to let retail investors gain indirect exposure to the valuation of unlisted SpaceX. It is not, however, a token that directly represents actual SpaceX shares.

The industry says such pre-IPO tokens are often issued using structures such as custodial holdings of unlisted shares, special purpose vehicles (SPVs), or derivatives that track the value of the underlying asset. Investors can gain indirect exposure to an increase in SpaceX’s valuation, but they do not hold the same rights as actual shareholders.

As a result, SPCX holders generally do not have voting rights, shareholder protection mechanisms or direct claims on company assets. The rights investors hold depend on the legal and contractual structure designed by the token issuer rather than on SpaceX itself.

SPCX has drawn attention because SpaceX is considered one of the most popular unlisted companies in the world. Recent private-market transactions have valued SpaceX at well above $300 billion.

Because it is difficult for retail investors to directly participate in SpaceX’s private investment rounds, tokenised products have been seen as an alternative investment tool with relatively higher accessibility. The ability to trade 24 hours a day on blockchain networks has also been viewed as an advantage.

Some analyses say the slump in trading volume does not immediately mean weaker investment sentiment toward SpaceX. U.Today explained that the decline could stem from various factors such as reduced speculative trading, lower market liquidity or an increase in long-term holding by investors. That is, reduced trading activity does not necessarily lead to a negative assessment of the asset’s value. SPCX remains a high-risk speculative product linked to the valuation of an unlisted company until SpaceX’s initial public offering.