Veteran investor says SpaceX, Anthropic IPO frenzy behind Bitcoin selloff

Bitcoin fell more than 17% over the week, dropping below $60,000, as long liquidations worth $532 million on Binance intensified selling. Sentiment also weakened after Strategy sold 32 BTC for $2.5 million, raising concerns about future corporate sales. Ethereum, Solana, and related stocks also declined, while strong U.S. labor data reduced rate-cut hopes and ETF inflows were small.

The article says Strategy’s CEO Michael Saylor, who previously told investors the company would not sell bitcoin, sold 32 bitcoin between May 26 and May 31 for about $2.5 million at an average net price of $77,135 per coin, according to a CoinDesk report citing an 8-K filing. Proceeds were earmarked for preferred stock distributions. It also notes Saifedean Ammous said he would sell if bitcoin hit $12,000–$15,000.

US stocks rose Thursday as the Dow hit a record, gaining about 1.8% (875 points) to a new high, while the S&P 500 added about 0.5% and the Nasdaq was little changed after earlier losses. Broadcom (AVGO) fell more than 12% after its AI chip outlook disappointed. Investors also weighed US jobless claims (225,000) ahead of Friday’s May jobs report.

Strategy executive chairman Michael Saylor attributed Bitcoin’s recent price decline to investors rotating capital into AI infrastructure stocks, saying institutions have shifted funds to AI and that about $400 billion has flowed in six months. He added Strategy remains bullish and noted it holds 843,706 BTC (~$53B). Strategy sold 32 BTC for ~$2.5M last week, drawing analyst criticism.

U.S. stocks fell after a stronger-than-expected jobs report Friday. By 1:18 p.m. ET, the Nasdaq Composite was down nearly 3%, the S&P 500 fell 1.8%, and the Dow slipped 0.8%, with tech down 4.3% and defensives higher. May nonfarm payrolls rose 172,000 (vs. 86,000 expected) and unemployment held at 4.3%, prompting traders to price a quarter-point rate hike by end-2026.

Bitcoin is trading near $62,300 and is approaching the $60,000 support level, amid record ETF outflows, according to the article. Deribit’s Jean-David Péquignot said institutions bought BTC at $60,000–$67,000, so a break below $60,000 could trigger selling and more liquidations. The report cites $1.2 billion in $60,000 put open interest and “short gamma,” which may mechanically intensify declines.