According to CoinDesk, an analysis suggests that SpaceX's $75 billion IPO could absorb liquidity from risk assets like Bitcoin (BTC). Including OpenAI and Anthropic, a total funding absorption effect of over $240 billion is expected by year-end. Concerns are being raised in the market that large IPO subscription funds could erode the risk-on liquidity pool shared by tech stocks, AI, and cryptocurrencies. The case where BTC recorded a daily high during Coinbase's listing in 2021, only to undergo an approximately 50% correction within 6 weeks, is also being re-examined. Some analysts commented, “Institutional milestones often signal cycle highs.”
