The SpaceX IPO has reportedly pulled capital away from the cryptocurrency market, contributing to Bitcoin's recent decline. According to analysts, the high demand for SpaceX shares is draining funds that would otherwise be allocated to crypto.
Bitget CEO Gracy Chen stated that 'crypto lost to a better story' as companies like Kraken and Ledger paused their IPOs in favor of more attractive investment opportunities.
The SpaceX IPO has set aside up to 30% of shares, approximately $22.5 billion, specifically for retail investors, an unusually large retail allocation for a deal this size.