Bitcoin is no longer the market’s hottest trade. Investors are rotating capital out of Bitcoin—pulling nearly $4 billion from ETFs—to position for massive IPOs like SpaceX and Anthropic. This exodus suggests that “pure-play” Bitcoin companies like Strategy are becoming obsolete as the market pivots toward diversified giants holding BTC as a secondary asset. If a single IPO can trigger a massive Bitcoin selloff, is BTC really “digital gold,” or just a liquidity source? What’s your take?
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