SpaceX's $600B rout wipes nearly half of bitcoin's market cap

SpaceX's stock has lost more than $600 billion in market value over three trading days, a decline nearly half the size of bitcoin's entire $1.3 trillion market cap. The rout followed the company's announcement of its first-ever bond sale, a $20 billion debt offering to fund the artificial-intelligence buildout from its acquisition of Elon Musk's xAI in February. Bitcoin, by contrast, fell less than 1% over the same period, holding near $63,600, according to CoinDesk data.

The divergence between SpaceX's plunge and bitcoin's resilience highlights a growing decoupling between crypto and traditional equities. While SpaceX's stock dropped 16% on Monday to $154.60, its lowest since its June 12 debut, and extended its three-day decline to about 23%, bitcoin barely budged. This suggests that crypto markets are increasingly driven by their own dynamics—such as ETF flows, halving cycles, and on-chain supply metrics—rather than by equity market sentiment. Traders can monitor these divergences in real time on NowPrice's live crypto dashboard.

Looking ahead, the key question is whether SpaceX's bond sale will pressure broader risk appetite, potentially spilling over into crypto. The $20 billion debt issuance is a test of corporate credit markets, and any signs of stress could tighten financial conditions. For bitcoin, the near-term focus remains on the $60,000 support level and the pace of spot ETF inflows. If equities continue to slide, crypto's decoupling thesis will face a real test, but for now, bitcoin's stability offers a bullish signal for digital asset traders.