South Korea’s Kospi fell 4.4% on Thursday, a sharp drop that sliced through weeks of AI-fuelled optimism in Asian tech stocks. At the same time, $101 billion worth of SpaceX secondary shares become freely tradable, a liquidity event that could trigger a wave of selling among early employees and venture investors. Bitcoin, however, barely moved, trading steadily above $64,000.
According to the CoinDesk report, the two events are occurring simultaneously, forcing traders to weigh a possible rotation away from high-beta tech bets just as a massive private-market lockup expires. The AI trade, which had propelled chipmakers and software firms across the globe, now looks wobbly. The Kospi sell-off — its worst single-day performance in months — reflects growing doubts about near-term AI spending and valuations.
That unease matters for crypto. Digital assets have exhibited a tightening correlation with tech-heavy equities, especially during risk-off episodes. A sustained AI correction could spill into the crypto market, pressuring altcoins that have ridden the narrative wave. Tokens that sit at the intersection of AI and blockchain, such as Filecoin, face particular scrutiny as AI budgets come under review (Filecoin (FIL) Price Prediction: Will FIL Recover Its All-Time High?). Yet Bitcoin’s own price held firm, hinting at a separation between speculative tech sentiment and the largest cryptocurrency’s value proposition.
AI Trade Stress Hits Korea
Losers in the Kospi session included semiconductor exporters that had surged on AI chip demand forecasts only weeks earlier. The pullback suggests that the AI trade is entering a phase of profit-taking and reassessment. For crypto, that environment is tricky: when the AI story turns, capital can flee crypto proxies just as fast as it entered.
Still, the pullback is not uniform. Weekly crypto gainers like $TON and $SIREN posted strong double-digit moves, as tracked by BlockchainReporter’s weekly top performer rankings (Top Crypto Gainers of the Week: $TON, $SIREN, and $VVV Secure Top Positions). The divergence between AI-linked equities tanking and select crypto tokens rallying points to a more fragmented liquidity landscape. Traders appear to be rotating within the asset class rather than exiting altogether.
$101 Billion Unlock Tests Risk Appetite
The SpaceX share unlock is a different kind of event. Over $100 billion in stock previously locked up becomes freely tradable, potentially unleashing a liquidity drain if insiders cash out. Private market participants have been bracing for the date, and some pre-market indicators suggest selling pressure. While SpaceX is not a publicly traded company, secondary market activity influences broader risk appetite and the private equity ecosystem that overlaps with venture-backed crypto projects.
A flood of SpaceX share sales could tighten liquidity for other high-risk, early-stage investments. That indirect chill could hit crypto funding rounds and dampen the appetite for illiquid altcoins. Bitcoin’s steadiness in the face of this event is noteworthy. It suggests that its spot market is absorbing any flight-to-quality flows without the kind of dip that marked earlier macro shocks.
Bitcoin’s Steadiness Points to Divergent Demand
While the Kospi plunged and the SpaceX unlock loomed, Bitcoin traded in a narrow range around $64,200. The steadiness might reflect ongoing accumulation by long-term holders, a trend that has supported the price since the start of 2026. It also underscores a potential decoupling narrative: Bitcoin as a store of value rather than a pure risk-on bet.
That said, the calm could be deceptive. Low volatility often precedes sharp moves, and the combination of a tech sell-off and a mega-unlock could still trigger a stress test for crypto markets later in the week. What remains uncertain is whether the unlock will prompt a direct redemption of crypto positions. Most SpaceX insiders are not automatically crypto traders, but the broader tightening of liquidity could squeeze leveraged positions across exchanges.
Meanwhile, the institutional side of crypto continues to build. On-chain tokenization of real-world assets crossed $20 billion, according to a BlockchainReporter roundup, with major firms like Bullish acquiring traditional financial infrastructure (Weekly Tokenization Roundup: Bullish Buys Equiniti for $4.2B, Ondo Settles With JPMorgan, RWA Crosses $20B). That long-term capital commitment adds a layer of support that short-term sentiment wobbles cannot easily erase.
For now, traders are watching the unlock schedule and any fresh developments in Korean tech. Bitcoin’s ability to hold above $64,000 through these cross-currents will either reinforce its safe-haven credentials or expose it to a sharp catch-down move if broader markets retreat further. The next 48 hours will tell.
