Bitcoin Slumps as Investors Shift Focus to Big Tech IPOs

Bitcoin stayed near $61, 000 after a rough week of trading. The price fell below $60, 000 last week – the lowest it’s hit since October 2024 and more than half of its all‑time peak in 2023. Experts warn that the downturn could continue, especially as money moves toward new tech offerings like SpaceX’s upcoming IPO. The decline echoes the worst week Bitcoin has seen since the 2022 FTX collapse, when a scandal wiped out $200 billion from the market. Analysts say the current trend looks like a prolonged bear market that could last months or even years. Investors are pulling funds from Bitcoin exchange‑traded funds. This happens when hopes for interest‑rate cuts fade, inflation stays high, and the labor market remains strong. At the same time, the Nasdaq dropped 1. 7% on Tuesday, led by falling chip stocks, as traders prepare for several large tech IPOs. SpaceX is expected to go public on Friday, potentially valuing the company at $1. 75 trillion.Other AI firms such as Anthropic and OpenAI are also planning or filing for public listings, attracting capital that could leave the crypto space. One major event added pressure: Strategy, the largest corporate Bitcoin holder, sold 32 coins in late May for about $2. 5 million, breaking its founder’s promise not to sell. The company also announced a purchase of 1, 550 coins for $101 million earlier in the week, but investors remained uneasy. Technical analysis shows Bitcoin trading below its 200‑week moving average – a sign many traders use to gauge long‑term trends. This drop is seen by some as confirmation that the market may be in a bear phase. Bitfinex analysts noted that current price swings are being used to exit the market, rather than being bought back aggressively. They suggest that if the tech boom cools, money might return to crypto, but for now, downside risk looks high.