Rumors of a SpaceX IPO are heating up, with Musk reportedly in talks with overseas banks about plans to go public this year. Tech giants are rushing to go public, and the traditional capital market might be heading for a new wave of valuation restructuring. But what does this mean for the crypto market? Historical data shows that large tech IPOs often temporarily divert liquidity from risk assets. When traditional tech stocks offer predictable returns, investors might temporarily reduce their allocation to more volatile digital assets. The key lies in the timing. If SpaceX really completes its IPO this year, coinciding with a critical point in the new cycle of the crypto market, this liquidity diversion effect could be more pronounced than ever.