Bitcoin Price Takes Hit as Traders Flock to SpaceX IPO

The recent surge in outflows from Bitcoin ETFs has led to a significant drop in the price of Bitcoin, with traders shifting their capital towards the upcoming SpaceX IPO.

According to data, U.S. Bitcoin ETFs bled $2.43 billion in outflows during May alone, followed by another $1.40 billion in early June. This trend is seen as a key driver behind the decline in Bitcoin's price, which has fallen into the $61,800–$64,000 range.

The SpaceX IPO filing targets $75 billion in proceeds at a valuation of roughly $1.75 trillion, surpassing Saudi Aramco's historic offering. This has drawn investors away from cryptocurrencies and towards equity markets, leading to a decline in the value of Ethereum and XRP as well.