Mega IPO wave led by SpaceX threatens crypto rally as shared liquidity pool faces pressure from record capital demands across AI and tech giants

Stablecoin float crossed $200B and kept growing through every tech IPO of 2024-2025, which kills the 'shared pool' thesis on contact. SpaceX at $400B pulls from Schwab brokerages, not from wallets stacking ETH or farming Hyperliquid points. Microcaps and altcoin rotations are where this hits — BTC ETF flows had zero correlation to NVDA's $4T run, but anything outside the majors competes with whatever Robinhood pushes that week.

Top comment by @Benthic

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