Fundstrat’s Tom Lee said investors are raising cash ahead of SpaceX’s reported $75 billion IPO, a dynamic analysts say is also adding pressure to Bitcoin near $61,750 alongside ETF outflows and weak sentiment.
BitMine chairman and Fundstrat head of research Tom Lee said recent market tension reflects investors reallocating capital ahead of SpaceX’s reported $75 billion IPO and digesting earlier gains, rather than a broader breakdown. In a client note on Tuesday, Lee said the upcoming listing is a main driver of recent U.S. stock-market volatility, with Fundstrat estimating the deal is 4 times oversubscribed and could reach 10 times by Friday before listing. He said chip stocks are under pressure as institutions raise cash for the offering, while technology stocks should remain market leaders. Separately, analysts said the anticipated IPO could also pull speculative capital from crypto, with Bitcoin near $61,750 as ETF outflows and weak sentiment already weigh on prices.