The Hidden Reason Behind Bitcoin’s Massive Crash Below $62K

We will also take a look at what could finally snap this losing streak and reverse the major bearish trend.

Bitcoin’s sell-off went from bad to worse during the weekend, with the asset briefly plunging below $62,000 for the first time in approximately three months.

While macro pressure, ETF withdrawals, forced liquidations, and turmoil across technology stocks have all contributed, one unusual liquidity drain may be making the downturn considerably worse.

IPO Behind the Dump?

Whenever such a calamity occurs, everyone is trying to figure out why, including us. We published a few articles listing reasons that could be blamed for BTC’s massive pullback from $81,000 to under $62,000 in ten days, including one focusing particularly on the Saturday crash.

There’s a fresh perspective on the matter, though; one that we missed as well, and it actually makes sense because it has already happened before. Strive CEO Matt Cole highlighted an intriguing similarity between bitcoin’s current decline and what took place ahead of SpaceX’s record-breaking IPO in June.

Elon Musk’s company raised $75 billion when it went public on June 12. During the 50 days leading up to the listing, BTC dumped by almost 20%. Now, it’s Anthropic’s turn to hit the stage.