Bitcoin briefly fell below $62,000 over the weekend, its first dip under that level in approximately three months. CryptoPotato says an unusual liquidity drain may be making the downturn worse, while Strive CEO Matt Cole points to a similarity with the decline before SpaceX's IPO in June.
Bitcoin's sell-off went from bad to worse during the weekend, with the asset briefly plunging below $62,000 for the first time in approximately three months. Macro pressure, ETF withdrawals, forced liquidations, and turmoil across technology stocks have all contributed, but one unusual liquidity drain may be making the downturn worse.
BTC has pulled back from $81,000 to under $62,000 in ten days. CryptoPotato points to a fresh angle that it says it missed earlier.
A pattern from the SpaceX listing
Strive CEO Matt Cole highlighted a similarity between bitcoin's current decline and what took place ahead of SpaceX's IPO in June. Elon Musk's company raised $75 billion when it went public on June 12. During the 50 days leading up to the listing, BTC dumped by almost 20%.
Now Anthropic is next. The AI company is seeking to raise up to $64.4 billion, which would make it the second-largest IPO on record, behind SpaceX. Orders have reportedly reached roughly six times the number of shares available.
Bitcoin's performance ahead of this listing looks similar. Cole calculated that BTC had fallen roughly 18% over the equivalent 50-day period at the time of his post. But the asset dropped further on Saturday, so the losses are closer to 25%.
Source: CryptoPotato
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