Why Has the SPAC Market Cooled Off So Fast?

In some weeks so far in 2021, more than 30 new SPACs (special purpose acquisition companies) have come onto the market. More than 400 of these blank-check companies are still looking for deals. However, there's been a plunge in recent weeks, in both the number of new SPACs being created and the valuations of existing SPACs in the market.