Mega-IPOs Draw Attention Away from Bitcoin as Price Hits 50% Decline

A new threat is emerging for Bitcoin's dominance as mega-IPOs from companies like SpaceX, OpenAI, and Anthropic are drawing attention away from cryptocurrencies. In June, Bitcoin traded below $60,000 for the first time since September 2024, a decline of more than 50% from its high of around $126,000 last year.

Citi cut its 12-month Bitcoin target to $82,000 from $112,000 due to weak investor appetite and ETF outflows. Analysts are bracing for a longer drawdown as investors rotate into AI-related assets.

The combined IPO listings of SpaceX, OpenAI, and Anthropic could soak up as much as $200 billion in fresh capital, according to Sebastian Mallaby, senior fellow at the Council on Foreign Relations.