#美伊谈判推迟 $BTC Two days of evaporation of $620 billion, SpaceX's stock price sharply retraced, how to view the crypto market's synchronized pressure?

Recently, the overall performance of U.S. tech stocks has weakened, and SpaceX (SPCX), a listed target, has experienced particularly volatile fluctuations. In just two trading days, it directly lost about $620 billion in market value, with the stock price dropping 18% from its high since listing, now roughly reaching the average cost basis of most retail investors. Many early entrants are already in a floating loss, and the chain reaction caused by this decline has a bigger impact on the crypto market than many people imagine.

Looking at the market data, the stock closed at $184.98 on Thursday, down 3.6% for the day. During Tuesday's intraday trading, it even surged to $225, hitting a new high in this phase, then funds concentrated on cashing out and exiting. The five-day average transaction price remained at $181.71, and the selling pressure in the market has not been fully digested. Driven by the stock price decline, the company's overall valuation also dropped from nearly $3 trillion to $2.37 trillion, a short-term shrinkage that is quite rare among recent U.S. stocks.

The core reason for the weakening stock price is the previously announced acquisition plan. SpaceX plans to use $60 billion worth of its own stock to acquire Anysphere. After this deal is completed, it will cause approximately 3.4% of equity dilution. The market generally worries that future profits will be diluted, leading many institutions to reduce holdings to hedge risks, and retail investors follow suit and exit, causing the market to deteriorate.

Many friends who only trade cryptocurrencies may wonder why the rise and fall of an aerospace company can influence the crypto circle. In fact, the capital and market sentiment between the two are highly correlated. Assets related to Musk have always been a key sentiment indicator for the crypto market. Many overseas asset management institutions allocate both U.S. tech growth stocks and mainstream crypto assets like Bitcoin simultaneously.

Previously, when SpaceX's stock was rising, a large influx of new funds flowed into U.S. stocks, continuously draining the existing funds in the crypto circle. During that period, the crypto market lacked incremental capital, and its overall trend remained sluggish for a long time. Now, with the stock price plunging, risk aversion in the entire market has increased, and various risk assets are experiencing capital withdrawals simultaneously.

Many institutions holding both U.S. stocks and crypto assets will sell their crypto holdings to offset the net value decline caused by tech stocks, directly increasing market selling pressure. Whether it’s Bitcoin or various altcoins, short-term volatility is significantly amplified. Coupled with the current market's reduced risk appetite, external funds are generally on the sidelines, making it difficult for large inflows to support prices in the short term.

Considering the current market environment, this billion-dollar-level retracement of SpaceX's market value is not just a single stock adjustment but also signifies a re-pricing phase for high-risk assets worldwide. For crypto traders, the current market uncertainty is relatively high, and it is not suitable to blindly bottom-fish or leverage. It is recommended to shrink positions and observe until overall market liquidity and sentiment stabilize, then consider subsequent operations.