SpaceX's epic IPO may trigger a "bloodletting effect" on tech stocks! Bitcoin faces short-term selling pressure and could potentially dip to $56,000.

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Elon Musk's space giant is about to land on the US stock market, but is this really good news for Bitcoin? According to a latest analysis by Cointelegraph, SpaceX, which is planning a $75 billion IPO in June, disclosed in its public filings that it holds as many as 18,712 BTC, officially surpassing Tesla. However, analysts warn that if SpaceX parachutes into the Nasdaq index in the future, it may trigger a "bloodletting effect" on existing tech giants by passive funds; and Bitcoin, which is highly correlated with tech stocks, will also find it difficult to escape the downward volatility caused by this wave of capital reallocation in the short term. (Previous coverage: How can people in Taiwan invest in the SpaceX IPO? A complete guide to 4 compliant channels from Pre-IPO to listing day) (Background supplement: Anthropic will pay SpaceX $1.25 billion per month in exchange for excess computing power from xAI) SpaceX, the space exploration giant led by Elon Musk, is knocking on the door of the public capital market with an unrivaled posture, but this grand IPO party has left Wall Street and cryptocurrency investors feeling a hint of unease. According to a report by Cointelegraph today (May 22, 2026), SpaceX is expected to launch a $75 billion initial public offering (IPO) in June. The market estimates its listing valuation will be between $1.75 trillion and $2 trillion, which will undoubtedly become the largest global listing in recent years. In the S-1 registration statement submitted to the US SEC, SpaceX gave the cryptocurrency market a huge surprise. The document revealed that the company holds as many as 18,712 BTC on its balance sheet, worth approximately $1.45 billion. This figure far exceeds previous external estimates and makes SpaceX surpass Tesla (which holds 11,509 BTC) within the same group, becoming the largest corporate holder of Bitcoin among companies preparing to go public or already listed. Although SpaceX's massive Bitcoin holdings are a major long-term positive for institutional adoption, they could trigger a bloodbath in the US stock market in the short term. According to Nasdaq's newly revised "Fast-track inclusion" rules, it is highly likely that SpaceX will be included in the Nasdaq 100 index within 15 trading days of its listing. At that time, the "Magnificent 7" that dominate the US stock market will be upgraded to "Mag 8". Renowned analyst Nic Puckrin issued a stern warning about this. He pointed out that such a massive heavyweight stock parachuting in will trigger a serious "Vacuum Effect": massive passive funds tracking the Nasdaq index will be forced to sell off existing constituent stocks (such as Nvidia, Apple, and Microsoft) to free up billions of dollars in capital to buy SpaceX, thereby causing heavy passive outflow selling pressure on existing tech giants. Why would this potential sell-off in tech stocks affect Bitcoin? The answer lies in the extremely high correlation between the two. Data shows that Bitcoin's correlation with tech giants has been very high recently, with a 30-day rolling correlation coefficient with the Mag 7 ETF as high as +0.81. This means that if the SpaceX Nasdaq effect leads to a broad correction in tech stocks, Bitcoin will also face huge downside risks in the short term. From a technical perspective, Bitcoin's current trend is in a dangerous "Rising Wedge Bear Flag" pattern: - Key support level: The current short-term support falls in the $73,000 to $74,000 range. - Risk of breakdown: If it falls below support due to the drag from US stocks, BTC may further seek a bottom at $56,000. - Rebound opportunity: Conversely, if it can successfully digest this wave of capital reallocation pressure and usher in a rebound, the bullish target will point to the $85,000 mark. In summary, although SpaceX's listing brings stronger traditional institutional endorsement to the crypto market, as this rocket takes off, investors must fasten their seatbelts and prepare for the violent turbulence brought about by the short-term capital reshuffle.

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