Summary

• SpaceX’s 35% one-week drop erased more than $600 billion in market value, exposing how crowded the post-IPO trade had become.
• The correction may not be over, as retail FOMO and institutional profit-taking could still drive a deeper pullback.
• At the same time, crypto is facing a historic liquidity crisis as capital continues to rotate into AI, semiconductors, and SpaceX.

After reaching a post-IPO high of around $225, SpaceX (SPCX) pulled back by roughly 35% in less than a week, briefly falling to around $147.

This low was important because it brought the