Bitcoin’s sharp decline is fueling debate over whether investors are selling liquid crypto positions to chase the Spacex IPO and emerging AI opportunities. The theory points to liquidity pressure, ETF outflows, and Strategy’s small BTC sale as contributing factors. Bitcoin’s steep weekly drop has sparked a broader debate over what is driving the latest sell-off, with some investors pointing to capital rotation rather than crypto-specific weakness. Jeff Park, a Bitwise Asset Management adviser and partner at Procap BTC, argued on X that bitcoin may be funding demand for Spacex, Anthropic, and other coveted opportunities.