SpaceX's $75B IPO could absorb liquidity from Bitcoin

The upcoming $75 billion initial public offering (IPO) for SpaceX could absorb liquidity from risk assets like Bitcoin (BTC), CoinDesk reported. When combined with potential IPOs from OpenAI and Anthropic, this effect could draw more than $240 billion from the market by the end of the year. Market observers are concerned that capital allocated for these major IPOs could erode the risk-on liquidity pool shared by tech stocks, AI, and cryptocurrencies. This situation is drawing comparisons to Coinbase's public listing in 2021, after which BTC hit a peak on the day of the listing before correcting by approximately 50% within six weeks. Some analysts noted that such institutional milestones often serve as signals for a cycle top.