After SpaceX had completed its large-scale listing, according to the external review, OpenAI and Anthropic could add more than $240 billion to the new stock supply during the year if they continued to advance the public listing. This raises concerns about the diversion of encrypted asset flows, especially in the context of the weakening of Bitcoin and spot ETF during the same period.

Increased scale of financing during the year

According to the article, the key to the discussion arising from the listing of this round of large technology companies is the concentration of financing and the short window of time. SpaceX is considered to be the starting point for this round of IPO waves, while OpenAI and Anthropic are also seen as likely to continue to attract large amounts of funding.

According to the paper, IPO itself would not create new funds and investors would often need to sell their existing assets for cash if they were to participate in the subscription. Encrypted assets are often more susceptible to rapid reduction because of the length and high mobility of transactions.

Bitcoin and ETF funds are weak.

The article mentions that before and after SpaceX was listed, bitcoin once fell by about 20 per cent and broke by $60,000. At the same time, United States spot bitcoin ETF recorded about $4.5 billion in net outflows in June 2026, the worst single month since the launch of the product.

In the author's view, this set of data provides some basis for the “diversion of funds”. In addition to bitcoin, the more volatile banknotes fell even more sharply and were in line with the common path of investors to prioritize the sale of high-risk assets when raising cash.

It is also mentioned that some analysts have shifted funds from digital assets to popular shares such as space and AI as one of the reasons for redeeming the market during the same period.

Macro-pressures affect markets as well.

At the same time, however, the article notes that the fall was attributable entirely to IPO. During the same period, there was a clear fall in the United States share, which was under pressure from NASDAQ, and the AI concept unit was weakened by valuation concerns. After the escalation of the situation in the Middle East, which pushed up oil prices, inflation was expected to rise again, reinforcing the market ' s judgement that the Fed maintained its hawk stance.

In this environment, bitcoin is more like a highly volatile risk asset than a risk-averse asset and is therefore under pressure with other speculative assets. According to the article, the IPO tide is more like a short-term additional pressure than the only factor that determines the direction of the market alone.

The point of contention is whether the money goes back.

According to the review article, what really needs to be seen is not whether the IPO brings a one-time pump, but whether the money will flow back when the transaction is completed. If subsequent ETF financial flows recover and risks rise, the impact on the encryption market may be more short-term.

The article also mentioned that SpaceX listing also had another layer of complex impact. According to the paper, SpaceX brought 18,712 BTCs into the balance sheets of listed companies, which made it possible to compete with the encrypted market for liquidity and, to some extent, enhanced the market image of bitcoin as an enterprise ' s asset.