A sharp one-day market wipeout that's bad for leveraged traders but could be a buying chance for long-term investors.

• Tech stocks crashed Friday — the NASDAQ fell hard, Bitcoin dropped under 60,000, and a leveraged chip fund lost 35% in two days.
• The main cause is a cash crunch: people are pulling money out of stocks to free up cash for next week's SpaceX IPO, which is already oversubscribed.
• Hot job numbers and rising interest rate fears, weak Broadcom guidance, and Nvidia failing to break higher all piled on at once.
• Leveraged ETFs made it worse — they're forced to sell into a falling market, speeding up the drop.
• Google's $920 million-a-month chip deal with SpaceX is a bright spot, signaling SpaceX has real revenue ahead of its IPO.

Outlook: The selloff may ease after the SpaceX IPO next week, but the risk is that SpaceX flops and traps the cash people raised.