SPCX's siphoning effect on crypto doesn’t seem as strong as the market initially imagined. The funds for IPO subscriptions were likely prepared in advance, and the capital within the crypto space willing to trade SpaceX exposure early has already released part of the demand through pre-IPO/perp methods. Now, with BTC not continuing to drop and instead making a slight recovery, it shows that this 'vampire narrative' has at least been partially digested by the market. Next, we’ll need to watch SPCX’s performance after listing. If it skyrockets, it might reignite a wave of FOMO funds, which could still lead to further siphoning. However, if it opens at a normal level, the marginal siphoning pressure on crypto might significantly decrease.