SpaceX is going public, aiming for the largest valuation in history. The 'vampire-style IPO' playbook—crypto folks know this one all too well. Every time a massive new project launched—whether it was the ICO craze or those legendary TGE events—it was always the same routine: a big enough new opportunity emerges, sucks up all the money in the market, and leaves other assets bleeding, going sideways, or even dipping. The only difference back then was that U.S. stocks and crypto were two separate pools, minding their own business. But now, things are different. Tokenized U.S. stocks and perpetuals are gradually making their way onto exchanges, and retail investors' funds and risk appetites on both sides are now connected through the same pipeline. In other words, a $1.75 trillion mega IPO, with 30% reserved for retail investors, might not just drain money from U.S. stocks—it could also siphon liquidity from the crypto space. Same playbook, new stage. If this pipeline gets wide enough, 'U.S. IPOs draining liquidity from crypto' won’t just be a theory anymore.