OpenAI IPO filing deepens capital drain from Bitcoin

Bitcoin Inflows Cool as Capital Rotates Toward AI Stocks

Bitcoin suffered its sharpest weekly decline in over three years last week, falling nearly 14% and triggering almost $10 billion in long futures liquidations as investors redirected capital toward artificial intelligence stocks and a wave of upcoming mega-IPOs from SpaceX, OpenAI, and Anthropic.

Hedge Funds Lead the Exit

The sell-off, which drove Bitcoin from roughly $67,000 to a 2026 low of $59,100 between June 4 and 6, was amplified by leveraged positioning that had quietly rebuilt in derivatives markets. Jim Ferraioli, head of crypto research and strategy at Charles Schwab, identified hedge funds as the main source of selling after Bitcoin peaked in early May. By May 31, hedge funds had cut their share of BlackRock’s iShares Bitcoin Trust to about 19% from around 29%, while investment advisers added exposure during the decline.mexc

U.S.-listed spot Bitcoin ETFs recorded a 13-day outflow streak totaling $4.4 billion that ended June 5, according to data compiled by the Bitcoin Foundation. Reuters reported that net outflows exceeded $2.7 billion in a single week, bringing 2026’s total to $3.1 billion.reuters

AI Becomes the Rival Trade

The rotation reflects a structural shift in how speculative capital is allocated. Greg Cipolaro, global head of research at NYDIG, noted that Bitcoin and AI stocks appeal to the same class of growth-seeking investors, and with AI-linked equities outperforming, capital has moved toward the stronger momentum trade.mexc

That momentum has intensified with a trio of historic IPOs on the horizon. SpaceX filed last month and said in a regulatory filing it intends to sell 555 million shares at $135 apiece, raising about $75 billion in what would be the largest IPO ever. Anthropic confidentially filed for its own offering last week, and OpenAI disclosed on June 8 that it had submitted paperwork for a U.S. listing, according to Reuters.northeastern

Michael Saylor, executive chairman of Strategy, pointed to the scale of the imbalance: roughly $400 billion has flowed into AI infrastructure over six months, while spot Bitcoin ETFs lost about $4 billion since mid-May.mexc

Leverage Turns Rotation Into a Cascade

Futures open interest had recovered to about $51 billion by May after bottoming near $31 billion in February. Once prices turned lower, that rebuilt leverage became a source of mechanical selling. K33 Research warned in early June that Bitcoin faced a difficult summer as investors favored AI-related stocks over crypto. The cryptocurrency has since bounced to about $63,000, but analysts say a confirmed bottom would require open interest to stabilize and forced selling to fade.coindesk