SpaceX and Mega IPOs Fuel Crypto Sell-Off: Is Retail Leaving Bitcoin?

Bitcoin price is bleeding. The leading crypto has dropped to the $61,800–$64,000 range, shedding roughly 5–6% in 24 hours as capital rotates aggressively into equity markets ahead of what could be the most consequential SpaceX IPO. The question traders are asking isn't just when BTC recovers — it's whether this sell-off signals a deeper structural shift in where risk appetite is being deployed. Spoiler: nothing screams "risk-on" like fleeing one volatile asset to chase another.

Ethereum and XRP are following BTC lower, posting mid-single-digit losses across the board as correlations hold tight. Because apparently in 2026, diversification still means everything goes down together.

Veteran investor Thomas Park pointed directly at the IPO pipeline as the culprit, arguing that traders are "moving funds out of Bitcoin to position for high-profile IPOs," calling them "the market's upcoming hot ball of mo