Quick Read <\/p>\n
BNP Paribas expects $50 billion in retail liquidations from assets like Bitcoin and AMD to fund the imminent SpaceX IPO.<\/p>\n
XRP sits 67% below its yearly high of $3.55 as retail capital rotates away from crypto ahead of the historic listing.<\/p>\n
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks \u2014 and AMD didn’t make the cut. Grab the names FREE today<\/a>.<\/p>\n The crypto market faces a hard question this morning. Can a single initial public offering, even one of historic scale, pull enough capital out of digital assets to bend their price action? Bitcoin (CRYPTO:BTC) is trading near $63,800, up 2.8% over the past 24 hours, yet the multi-week chart tells a different story.<\/p>\n Despite today’s price increase, Bitcoin is down 27% year-to-date. The Polymarket-implied odds of the SpaceX IPO occurring by June 15 sit at 98%, with later-June dates already near 100%, an unusually tight runway for the most talked-about listing in recent memory.<\/p>\n That timing has analysts at BNP Paribas drawing a direct line between the upcoming float and weakness across risk assets. Our prior coverage flagged crypto as a possible first casualty of the SpaceX IPO, and the data since has only sharpened that case.<\/p>\n The BNP Paribas Thesis <\/p>\n As reported in a CNBC YouTube video, BNP Paribas said retail liquidations from areas like semiconductors and levered ETFs will fund much of the SpaceX IPO. Overall, retail is expected to be 30% of the SpaceX IPO, which BNP Paribas estimates could lead to $50 billion in outflows from existing positions.<\/p>\n The offering is expected in mid-June (around June 13) at about $135 per share, and is set to make Tesla (NASDAQ:TSLA<\/a>) CEO Elon Musk the world’s first trillionaire. SpaceX’s S-1 filing references a Qualified IPO threshold of at least $6 billion in pre-IPO market capitalization, though reported valuations are higher. CNBC’s Jim Cramer has predicted that the float could double to a $4 trillion market cap.<\/p>\n Money Leaving Crypto, Heading Toward Other Assets <\/p>\n Here’s the connective tissue investors should focus on. Retail capital is finite, and a mega-IPO pulling in a 30% retail allocation must come from somewhere. BNP points squarely at semiconductors and levered ETFs as the funding pool, with crypto a logical adjacent source given its retail concentration.<\/p>\n Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks \u2014 and AMD didn’t make the cut. Grab the names FREE today<\/a>.<\/p>\n On the digital asset side, the selling is observable. Ripple (CRYPTO:XRP) is trading at $1.172, up 3.4% over the past 24 hours, after hitting $3.55 at its peak in the past year. Reddit’s r\/investing flagged “Bitcoin Investors Are ‘Rage Quitting’ as Long-Time Crypto Bulls Begin Offloading BTC Holdings,” a thread that captured the mood last week.<\/p>\n Precise, independent flow-of-funds figures linking specific crypto ETF outflows to SpaceX subscriptions aren’t publicly cited, so the connection rests on BNP Paribas’s estimate plus price action rather than a confirmed dataset. The BNP Paribas thesis is one plausible driver alongside broader risk-off positioning, with the VIX at 21.51, up 40% in a single session on June 5.<\/p>\n Advanced Micro Devices Caught in the Crossfire <\/p>\n