SPCX joining the Nasdaq-100 feels like a liquidity event more than a catalyst

SPCX joining the Nasdaq-100 got a lot of attention, but the immediate selloff makes me wonder if the inclusion itself was already priced in.

I am trying to think about this less as "index inclusion means up" and more as a liquidity and positioning event. More forced demand, but also more people with a clean reason to sell into it.

How do you usually think about index inclusion after the announcement is already public?

Not trying to make a buy or sell case. Disclosure: no position in SPCX.