SpaceX's $75 billion IPO, set to price June 12, has emerged as the next major event for bitcoin, with Wintermute analysts calling it a clean gauge of risk appetite.
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Bitcoin slides to $60,100 ahead of SpaceX $75 billion IPO test
SpaceX's $75 billion IPO, set to price June 12, has emerged as the next major event for bitcoin, with Wintermute analysts calling it a clean gauge of risk appetite.
Bitcoin dropped to $60,100 as of 14:30 UTC June 9 as traders shifted capital toward SpaceX's $75 billion IPO, set to price June 12. The world's largest digital asset has lost more than 50% from its October 2025 all-time high, with the rotation into AI-related investments accelerating the decline.
"The next real catalyst is SpaceX coming to market on June 12," analysts at Wintermute posted on X. "It's a clean gauge of retail and risk appetite: constructive if the placement is digested well, bearish for the whole complex if it shows exhaustion."
SpaceX is offering 555.6 million shares at $135 each, valuing the rocket and artificial intelligence company at about $1.75 trillion. The IPO is well oversubscribed, with institutional investors placing orders for roughly $10 billion or more of shares, according to people familiar with the matter. The company holds far more bitcoin than previously disclosed.
The listing represents a critical test for crypto markets, which have seen capital drain toward AI-related investments in recent months. A strong debut could reignite risk appetite across digital assets, while a weak reception may deepen the selloff that has pushed bitcoin more than 50% below its peak.
AI Boom Siphons Liquidity From Crypto
The gravitational pull of the AI investment boom has sucked liquidity from crypto markets. OpenAI and Anthropic are pursuing public listings hot on SpaceX's heels, while Google's Alphabet tapped the market for $80 billion earlier this month, further tightening competition for capital. "An overall lack of buzz around crypto as all things AI-related came under the investor spotlight, led to crypto outflows," David Morrison, senior market analyst at Trade Nation, said.
Bitcoin's market dominance has held near 52%, but trading volumes have declined as capital rotates toward AI equities. Ether, the second-largest digital asset, has tracked bitcoin lower, falling 4.1% to $3,210 over the same period, CoinGecko data show.
Bitcoin Support Levels Face Critical Test
Bitcoin is testing support near $60,000, with deeper floors at $50,000 and $40,000, according to technical analysis. Resistance stacks at $70,000, $80,000 and the heavy ceiling near $120,000. The relative strength index sits at 34.21, pushing toward oversold territory — a level that has historically preceded exhaustion of selling pressure.
The SpaceX IPO outcome will shape bitcoin's near-term trajectory. If the listing is absorbed cleanly, it could signal renewed risk appetite that spills into digital assets. A weak debut would reinforce the rotation out of crypto and toward AI, potentially accelerating bitcoin's slide toward the $50,000 support zone.
This article is for informational purposes only and does not constitute investment advice.
