Bitcoin Price Hits Four-Month Low Amid Concerns Over Impact of Upcoming Blockbuster IPOs

Bitcoin Falls to Four-Month Low as Investors Flee to IPOs and Private-Market Opportunities

Bitcoin plummeted to its lowest level in nearly four months as capital flowed away from cryptocurrencies toward highly anticipated public offerings and private-market opportunities. According to crypto trading firm QCP, investors may be liquidating Bitcoin holdings to raise cash for upcoming equity offerings, including those of SpaceX, OpenAI, and Anthropic, reported CNBC.

The impending IPOs of SpaceX, Anthropic, and OpenAI are creating a significant liquidity drain for the crypto market. Analysts point to a broad reallocation of capital as investors prepare for exposure to some of the world's most valuable technology companies. Over the coming months, four major companies are projected to raise more than $350 billion in fresh equity, including SpaceX ($75 billion), OpenAI ($100 billion), Anthropic ($100 billion), and Google's estimated net equity issuance of $80 billion.

Bitcoin, often viewed as one of the most liquid risk assets, is emerging as a preferred source of funds for investors seeking to participate in these offerings without disturbing long-term equity positions. The cryptocurrency fell as much as 5.5% to $61,322 during early Asian trading on Thursday, marking its lowest level since February 6, before recovering above $64,000 later in the session. It was trading around $64,200 by mid-afternoon in Singapore.

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Market participants say the sharp rebound suggests Bitcoin is finding support near the $63,000 level, an area closely monitored by traders. Despite the rebound, Bitcoin remains down roughly 13% this week. The decline accelerated after Strategy Inc., led by Michael Saylor, sold approximately $2.5 million worth of Bitcoin. While the transaction represented only a small portion of the company's holdings, it unsettled investors given Strategy's reputation as one of the cryptocurrency's largest corporate buyers.

The combined valuations of SpaceX, Anthropic, and OpenAI are expected to reach unprecedented levels, prompting investors to rotate capital from speculative assets such as cryptocurrencies into cash ahead of the listings. Industry observers say both institutional and retail investors are increasingly positioning for these so-called "super IPOs." The shift is already evident in fund flows, with institutional investors reportedly withdrawing more than $2.3 billion from Bitcoin exchange-traded funds in May as they repositioned for opportunities in public equities.

The upcoming listings are also reshaping the investment narrative. While cryptocurrencies have long been viewed as a gateway to future digital infrastructure, enthusiasm has increasingly shifted toward artificial intelligence and space technology, sectors that continue to dominate investor attention and equity market performance.

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Analysts are also monitoring SpaceX's sizable Bitcoin treasury. The company holds about 18,712 BTC, valued at roughly $1.45 billion, making it one of the largest corporate Bitcoin holders. Some market participants warn that volatility in SpaceX shares following its listing could have spillover effects on Bitcoin due to Elon Musk's influence and the company's substantial retail investor participation.

SpaceX is seeking to raise $75 billion in an initial public offering that would be the biggest of all time, as Elon Musk's rocket, satellite, and artificial intelligence company targets a historic debut that could clear a path for more mega-listings. The company plans to market about 555.6 million shares for $135 each, according to its filing Wednesday with the US Securities and Exchange Commission. At that price, SpaceX would have a market value of almost $1.77 trillion based on the outstanding shares in the filing.

The latest selloff highlighted Bitcoin's growing divergence from technology stocks, many of which continue to trade near record highs. The cryptocurrency has lost roughly half its value since reaching an all-time high above $126,000 in October last year. Broader weakness extended across the digital-asset market, with Ether, the second-largest cryptocurrency by market value, falling to its lowest level since April 2025 before recovering alongside Bitcoin.

Data from CoinGlass showed that approximately $1.3 billion worth of bullish crypto positions were liquidated over the past 24 hours, with Bitcoin accounting for the bulk of the losses. Meanwhile, investors have withdrawn nearly $4.4 billion from US-listed Bitcoin ETFs over the past 13 trading sessions, marking the longest streak of consecutive outflows on record, according to Bloomberg data.