SpaceX prices its IPO today at a $1.75T valuation. BTC is down ~33% YTD with $3.1B in ETF outflows. How are you positioned for the "liquidity drain"?

SpaceX prices its IPO today at $135/share, raising ~$75B at a $1.75T valuation. Trading is expected to start tomorrow, June 12.

Reported demand approached $250B — so there's a mountain of unfilled allocation money about to look for a home.

SpaceX itself holds 18,712 BTC, bought at an average of ~$35,300. That treasury goes public with the company.

Meanwhile BTC is down roughly a third YTD and spot ETFs have bled ~$3.1B.

The drain case: SpaceX, OpenAI and Anthropic raises are estimated to absorb $240B+ of risk capital by year-end. That's the same pool of money that chases BTC upside, and there are already reports of retail selling coins specifically to free up cash for IPO shares.

The counter-case: one-off capital reallocations aren't structural outflows — Bitwise's CEO has argued crypto traders shouldn't be jealous, and big listings have historically marked local sentiment bottoms more often than new downtrends. There's also the reflexive angle nobody prices: a $1.75T public company now carries BTC on its balance sheet at a ~3x unrealized gain. Strange kind of bearish.

What I actually care about is how the perp market is pricing this, not the narrative:

Funding: -0.0008% — it's been negative. Shorts paying to press, or just no bid?

OI has been falling while price chops — to me that reads like de-risking, not fresh shorts. Open to other reads.

Quarterly basis at 3% to 4% — backwardation into the listing.

So: flat into the open, fading the drain narrative, or pressing shorts? More interested in your reasoning and sizing than your direction.

Not financial advice. Sources in comments.