Analysis: Bitcoin’s rebound remains fragile as large-scale IPOs by SpaceX and Anthropic may continue to siphon liquidity

According to Odaily, Bitcoin's recent rebound lacks solid support. Unlike early February when it dropped to $60,000, ETF capital outflows at that time were only $318 million, but weekly trading volume reached $46.15 billion, indicating panic selling in the market and intense battles between bulls and bears. Last week, however, the situation was different: ETF outflows accelerated while trading volume was low, suggesting the market is experiencing sustained capital outflows rather than typical panic liquidations at a local bottom.

Therefore, the sustainability of Bitcoin's rebound remains in doubt. To push the price back onto a clear upward trajectory, a significant rise in ETF demand may be required. However, this seems unlikely for now, as the upcoming IPOs of SpaceX and Anthropic could continue to draw liquidity away from the broader market, including the crypto asset market. In the short term, Bitcoin still faces structural pressure and its rebound may remain weak. ETF demand and the dynamics of major IPOs will be key indicators to watch.