Investors appear to be reshuffling portfolios ahead of SpaceX’s highly anticipated market debut, putting pressure on crypto, gold, and major tech stocks.
Jim Cramer stirred discussion across financial markets on Wednesday after describing Bitcoin and gold as “bad money” that investors are selling to raise cash for SpaceX’s upcoming IPO, while also noting that so-called “good money” stocks such as Nvidia and Apple were being sold as well.
The CNBC host suggested that traders are rotating capital into SpaceX ahead of what many expect to be the largest IPO in market history. His comments quickly drew reactions online, particularly from Bitcoin supporters who viewed the remarks as a potential bullish signal for the cryptocurrency.
Some investors challenged Cramer’s classification of gold as “bad money,” while others pointed to the long-running “Inverse Cramer” meme, which treats his market calls as a contrarian indicator.
The discussion comes as several major assets have weakened in recent weeks. Over the last 30 days, Bitcoin has fallen 1.48%, spot gold has dropped 8.83%, Nvidia has declined 6.17%, and Apple has slipped 6.94%.
Cramer has previously suggested that speculation surrounding SpaceX and its expected future inclusion in the S&P 500 may be driving investors away from some of the market’s biggest winners, including members of the “Magnificent Seven” group of stocks.
MARKET REACTION
Bitcoin traded at $61,974.63 at the time of reporting, up 1.07% over the previous 24 hours.
NVIDIA shares closed Wednesday down 3.73% at $200.42 and fell another 0.62% in after-hours trading. Apple ended the session 0.35% higher at $291.58.
Meanwhile, a rally in space-related stocks has coincided with weakness in Bitcoin, with some strategists linking the move to anticipation surrounding the SpaceX IPO.
WHY IT MATTERS
Large IPOs can trigger portfolio shifts as investors sell existing holdings to participate in new opportunities. Traders are closely watching whether SpaceX continues to attract capital away from crypto, gold, and leading technology stocks.
Markets are now focused on Friday’s SpaceX IPO and whether the listing will spark further asset rotation across equities, commodities, and cryptocurrencies.
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