Bitcoin fell below $75,000 after spot Bitcoin ETFs posted seven consecutive days of outflows totaling more than $1.88 billion.
• BlackRock’s iShares Bitcoin Trust (IBIT) recorded a $1.29 billion dark pool block trade, one of the largest Bitcoin ETF transactions on record.
• Crypto analyst Ted Pillows said enthusiasm around AI investments and upcoming IPOs is draining liquidity from digital assets.
Bitcoin (BTC) slipped below $75,000 in Wednesday morning trading after spot BTC exchange traded funds posted seven straight days of outflows, with crypto analyst Ted Pillows stating that surging investor appetite for artificial intelligence is pulling liquidity away from digital assets.
“AI will continue to drain liquidity from crypto. Especially with the upcoming IPOs. Not good,” he said on X, pointing to upcoming SpaceX (SPCX), OpenAI, and Anthropic public market debuts later this year.
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Bitcoin’s price fell nearly 4% in the last 24 hours to around $74,700. It was the top trending ticker on Stocktwits among cryptocurrencies. Retail sentiment around the apex cryptocurrency on the platform fell lower within ‘bearish’ territory, accompanied by ‘normal’ levels of chatter.
Data from SoSoValue showed that spot Bitcoin ETFs have seen over $1.88 billion in outflows over the past seven days, pulling total net assets below the $100 billion mark. BlackRock’s iShares Bitcoin Trust (IBIT) also saw a $1.29 billion dark pool block trade on Tuesday, one of the largest Bitcoin ETF transactions on record.
The cryptocurrency 'Fear & Greed' Index also slipped back into 'Extreme Fear' territory after moving higher over the past week.
AI IPO Frenzy Is Competing With Crypto For Investor Capital
The growing excitement around artificial intelligence listings is increasingly being viewed as a direct competitor for speculative capital that had previously flowed into cryptocurrencies and high-growth technology trades.
SpaceX (SPCX) is reportedly targeting a fundraising round that could value the company at roughly $80 billion ahead of a potential IPO. OpenAI is widely expected to pursue a public listing in September, while Anthropic is also viewed as a likely IPO candidate in the coming months.
Together, the three companies represent some of the most closely watched potential listings in more than a decade. On Stocktwits, retail sentiment around the SPCX ticker remained in ‘extremely bullish’ territory over the past day. Sentiment tied to Anthropic also trended in the ‘extremely bullish’ zone, while OpenAI retail sentiment was in the ‘neutral’ zone.