Crypto Market Faces Liquidity Drain as Major IPOs Divert Capital, Leading to Bitcoin Underperformance

Concerns are rising in the crypto market that a wave of large-scale initial public offerings, including SpaceX, OpenAI, and Anthropic, could divert over $240 billion in new equity supply, drawing liquidity away from crypto assets. This sentiment is reinforced by Bitcoin's recent underperformance and significant net outflows of approximately $4.5 billion from U.S. spot Bitcoin ETFs in June 2026, marking their worst monthly performance since launch.