Bitcoin Crashes As Space Stocks Soar: Is SpaceX’s IPO Pulling Capital Away From Crypto?
June 4, 2026
Macro strategist Callum Thomas shared a chart-based observation on Wednesday, highlighting how a sudden rally in space stocks aligned with Bitcoin’s (CRYPTO: BTC) decline.
Crypto Bros Channeling Liquidity To Space Stocks?
Thomas, the head of research and founder of Top Down Charts, replied to an X post asking whether cryptocurrency investors might be selling Bitcoin to buy AI, semiconductor and space stocks ahead of SpaceX’s IPO.
“Sort of looks like that– the recent pop in space stocks (linked to SpaceX IPO) took place just as Bitcoin rolled over,” Thomas said, pointing to the chart.
sort of looks like that –the recent pop in space stocks (linked to SpaceX IPO) took place just as bitcoin rolled over pic.twitter.com/lAhzzW8lza
— Callum Thomas (@Callum_Thomas) June 4, 2026
Comparing Bitcoin’s monthly returns with those of major space-related firms and ETFs showed a similar trend.
|
Asset |
1-Month Gains +/- |
|---|---|
|
Bitcoin |
-21.23% |
|
Rocket Lab Corp. (NASDAQ:RKLB) |
-42.82% |
|
Firefly Aerospace Inc. (NASDAQ:FLY) |
+19.21% |
|
Intuitive Machines Inc. (NASDAQ:LUNR) |
+33.45% |
|
Tema Space Innovators ETF (NYSE:NASA) |
+20.29% |
‘Exit Liquidity Rotation’
Financial analyst Thierry Borgeat argued that roughly $350 billion in equity issuances, from firms such as Google, SpaceX and OpenAI, is siphoning capital away from liquid risk assets like Bitcoin.
“Selling it [Bitcoin] is the fastest way to free up dollars without triggering tax events on long-held equity positions,” Borgeat said.
🚨 Bitcoin just dropped from $74,000 to $67,500 in 48 hours. On no real news.
One thesis that fits the data:
The exit liquidity rotation has begun.
In the next months, four companies are raising over $350 billion in fresh equity:
– SpaceX IPO: ~$75B
– OpenAI raise: ~$100B
–… https://t.co/rFDeoxyHra pic.twitter.com/0bSSUAerfB— Thierry from arvy 🇨🇭 (@ThierryBorgeat) June 2, 2026
Several Bitcoin-focused handles also leaned into this narrative.
Brian HoonJong Paik, CEO of Bitcoin-native company SmashFi, derided investors selling BTC at a loss to chase SpaceX’s IPO as “exit liquidity.”
Selling $BTC at a loss to chase the SpaceX IPO.
Congratulations, you are the exit liquidity. 99% will get rekt. https://t.co/viO8qUbaoz
— Brian HoonJong Paik (@brianhoonjong) June 3, 2026
What If Strategy Hadn’t Sold Its Bitcoin?
These narratives surface amid fresh turmoil in the Bitcoin market, with the leading cryptocurrency plunging to a four-month low below $62,000. The asset has plunged by nearly 50% from its all-time high.
The downturn accelerated after Strategy Inc. (NASDAQ:MSTR) reported selling some of its BTC holdings, puncturing the “never sell” narrative that bullish participants had relied upon.
Price Action: At the time of writing, BTC was exchanging hands at $62,828.97, down 5.77% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: Shutterstock
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This article Bitcoin Crashes As Space Stocks Soar: Is SpaceX's IPO Pulling Capital Away From Crypto? originally appeared on Benzinga.com
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