--- title: "Bitcoin Crashes As Space Stocks Soar: Is SpaceX's IPO Pulling Capital Away From Crypto?" type: "News" locale: "en" url: "https://longbridge.com/en/news/288710498.md" description: "Bitcoin has crashed to a four-month low below $62,000, coinciding with a surge in space stocks ahead of SpaceX's IPO. Macro strategists suggest an 'exit liquidity rotation,' where investors sell BTC to fund equity issuances from companies like SpaceX and OpenAI. This trend is exacerbated by Strategy Inc.'s recent Bitcoin sales, challenging the 'never sell' narrative and contributing to the asset's near 50% decline from its all-time high." datetime: "2026-06-04T11:04:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288710498.md) - [en](https://longbridge.com/en/news/288710498.md) - [zh-HK](https://longbridge.com/zh-HK/news/288710498.md) --- # Bitcoin Crashes As Space Stocks Soar: Is SpaceX's IPO Pulling Capital Away From Crypto? 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 **Read Also: Anthony Pompliano Says Ignore Screeching Bears That Declare Bitcoin Dead Every 4 Years: 'They Are Wrong Every Time'** ## 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. **Read Also: Peter Schiff Says 'Young' People Who Made Money Early With Bitcoin Dishing Out Financial Advice: 'Don't Confuse Brains With A Bull Market'** _Photo courtesy: Shutterstock_ ### Related Stocks - [STRK.US](https://longbridge.com/en/quote/STRK.US.md) - [OpenAI.NA](https://longbridge.com/en/quote/OpenAI.NA.md) - [BITF.US](https://longbridge.com/en/quote/BITF.US.md) - [HUT.US](https://longbridge.com/en/quote/HUT.US.md) - [CIFR.US](https://longbridge.com/en/quote/CIFR.US.md) - [STRC.US](https://longbridge.com/en/quote/STRC.US.md) - [BTDR.US](https://longbridge.com/en/quote/BTDR.US.md) - [BTBT.US](https://longbridge.com/en/quote/BTBT.US.md) - [CORZ.US](https://longbridge.com/en/quote/CORZ.US.md) - [HIVE.US](https://longbridge.com/en/quote/HIVE.US.md) - [MSTR.US](https://longbridge.com/en/quote/MSTR.US.md) - [SQ.US](https://longbridge.com/en/quote/SQ.US.md) - [BTCS.US](https://longbridge.com/en/quote/BTCS.US.md) - [BMNR.US](https://longbridge.com/en/quote/BMNR.US.md) - [MARA.US](https://longbridge.com/en/quote/MARA.US.md) - [STRF.US](https://longbridge.com/en/quote/STRF.US.md) - [CLSK.US](https://longbridge.com/en/quote/CLSK.US.md) - [RIOT.US](https://longbridge.com/en/quote/RIOT.US.md) - [STRD.US](https://longbridge.com/en/quote/STRD.US.md) - [GBTC.US](https://longbridge.com/en/quote/GBTC.US.md) - [ABTC.US](https://longbridge.com/en/quote/ABTC.US.md) - [COIN.US](https://longbridge.com/en/quote/COIN.US.md) - [ETHE.US](https://longbridge.com/en/quote/ETHE.US.md) - [SPCX.US](https://longbridge.com/en/quote/SPCX.US.md) - [VCX.US](https://longbridge.com/en/quote/VCX.US.md) - [ASTS.US](https://longbridge.com/en/quote/ASTS.US.md) - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [PL.US](https://longbridge.com/en/quote/PL.US.md) - [DXYZ.US](https://longbridge.com/en/quote/DXYZ.US.md) - [RKLB.US](https://longbridge.com/en/quote/RKLB.US.md) - [SATS.US](https://longbridge.com/en/quote/SATS.US.md) - [BTCO.US](https://longbridge.com/en/quote/BTCO.US.md) - [IBIT.US](https://longbridge.com/en/quote/IBIT.US.md) - [BITB.US](https://longbridge.com/en/quote/BITB.US.md) - [QETH.US](https://longbridge.com/en/quote/QETH.US.md) - [FETH.US](https://longbridge.com/en/quote/FETH.US.md) - [EETH.US](https://longbridge.com/en/quote/EETH.US.md) - [ETHV.US](https://longbridge.com/en/quote/ETHV.US.md) - [HODL.US](https://longbridge.com/en/quote/HODL.US.md) - [EZBC.US](https://longbridge.com/en/quote/EZBC.US.md) - [BRRR.US](https://longbridge.com/en/quote/BRRR.US.md) - [ARKB.US](https://longbridge.com/en/quote/ARKB.US.md) - [CETH.US](https://longbridge.com/en/quote/CETH.US.md) - [BITO.US](https://longbridge.com/en/quote/BITO.US.md) - [ETH.US](https://longbridge.com/en/quote/ETH.US.md) - [FBTC.US](https://longbridge.com/en/quote/FBTC.US.md) - [ETHW.US](https://longbridge.com/en/quote/ETHW.US.md) - [ETHA.US](https://longbridge.com/en/quote/ETHA.US.md) - [BTCW.US](https://longbridge.com/en/quote/BTCW.US.md) - [BTCHKD.VAHK](https://longbridge.com/en/quote/BTCHKD.VAHK.md) - [BTCUSD.VAHK](https://longbridge.com/en/quote/BTCUSD.VAHK.md) - [ECHO.US](https://longbridge.com/en/quote/ECHO.US.md) - [FLY.US](https://longbridge.com/en/quote/FLY.US.md) - [LUNR.US](https://longbridge.com/en/quote/LUNR.US.md) - [NASA.US](https://longbridge.com/en/quote/NASA.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [LUNRW.US](https://longbridge.com/en/quote/LUNRW.US.md) ## Related News & Research - [Trump Media Expands Bitcoin Holdings to $900 Million While Reporting H1 Unrealized Losses — What to Know About Truth Social Owner's BTC Stash](https://longbridge.com/en/news/295484327.md) - [Nakamoto reports Q2 net loss of $133 mln](https://longbridge.com/en/news/295800977.md) - [AVAX One Q2 revenue rises on staking rewards, bitcoin mining](https://longbridge.com/en/news/295841406.md) - [Twenty One Capital targets Berkshire-style buildout of operating businesses around Bitcoin balance sheet](https://longbridge.com/en/news/295523229.md) - [Goldman Sachs Gains Bitcoin, Ethereum ETFs in $2.25B Deal: Could It 'Leapfrog' BlackRock?](https://longbridge.com/en/news/295710704.md)