Bitcoin held firm above the $64,000 level on Thursday, absorbing a dual shock from a sharp sell-off in South Korean tech stocks and the expiration of the first lockup period on SpaceX shares. The $101 billion unlock—among the largest private-market liquidity events ever—coincided with a 4.4% plunge in the Kospi index, where AI-themed chipmakers suffered heavy losses. Yet Bitcoin’s steadiness stood in stark contrast to the volatility rippling through equity markets.
SpaceX’s staggered lockup expiry released 911.5 million insider-held shares, allowing early employees and venture investors to sell up to 20% of their restricted holdings immediately. Pre-market trading lifted the stock about 2.7%, but the day’s wider narrative revolved around whether insiders would cash out rather than hold for long-term gains. The shares, priced at $108.27 after a 13% drop post-earnings, remain enormously profitable for those granted equity years ago at valuations as low as $10–20 per share.
The AI-driven re-rating that had powered semiconductor and software stocks came under scrutiny, and the spillover into crypto proxies became a tangible risk. Tokens sitting at the intersection of blockchain and artificial intelligence, such as Filecoin, face particular pressure if corporate AI budgets are trimmed. Still, the crypto market displayed a fragmented liquidity picture: weekly outperformers like TON and SIREN posted double-digit gains, suggesting rotation rather than a broad-based exodus.
Market analysts are divided on the intensity of insider selling. While some pre-IPO investors signaled they would monetize positions to redeploy into private AI and defense startups, other advisors emphasized that many employees remain committed to SpaceX’s multi-decade vision. The staggered nature of the unlock—with further tranches due at 70, 90, 105, 120, and 135 days after the June IPO—means the pressure will be episodic, not a single shock.
For crypto, the larger concern is liquidity. A flood of secondary-market share sales could tighten funding for venture-backed digital-asset projects, indirectly chilling appetite for illiquid altcoins. Yet Bitcoin’s calm suggests either a genuine safe-haven bid or a prelude to a sharp move once the unlock’s full effects ripple through leveraged positions. The institutional side continues to provide ballast: tokenization of real-world assets crossed $20 billion, and Bullish’s $4.2 billion acquisition of Equiniti highlights sustained long-term commitments that temper short-term sell-offs.
Traders now eye the next 48 hours. Should Bitcoin hold above $64,000 through this stress, its decoupling from risk-on equities will gain credibility. If not, a catch-down move could expose crypto to the same profit-taking that hammered Korean tech names.
