SpaceX (NASDAQ: SPCX) makes its debut this week on the Nasdaq exchange in the biggest initial public offering (IPO) on record, with a $75 billion sale valuing the company near $1.75 trillion at its Friday morning debut. For many investors, including those representing major financial institutions, raising that much capital means selling something, and their holdings in the crypto market are likely on the chopping block. For instance, Bitcoin (CRYPTO: BTC) has shed about half its value since October 2025.

The conventional wisdom says that big listings of highly hyped companies inevitably drain cash from speculative assets, especially ones that have recently underperformed, with cryptocurrency being the most obvious donor. But…