🚨 Bitcoin just dropped from $74,000 to $67,500 in 48 hours. On no real news.
One thesis that fits the data:
The exit liquidity rotation has begun.
In the next months, four companies are raising over $350 billion in fresh equity:
– SpaceX IPO: ~$75B
– OpenAI raise: ~$100B
– Anthropic raise: ~$100B+
– Google net equity issuance: ~$80B
That money has to come from somewhere. Existing portfolios. Risk-on capital. Cash.
Bitcoin is the most liquid risk-on asset on earth. Selling it is the fastest way to free up dollars without triggering tax events on long-held equity positions.
If the most religious Bitcoin holders – the corporate treasuries, the funds, the whales – are even partially rotating to participate in the largest IPO cycle in history, you don't need a news catalyst to explain the drop.
You just need the supply curve to flip.
This isn't bearish on Bitcoin long-term. It's a sign that the entire risk-on crowd is preparing to absorb the largest equity issuance year since 2000.
When the marginal Bitcoin holder needs to be on a SpaceX cap table, Bitcoin goes down for reasons that have nothing to do with Bitcoin.
The exit liquidity avalanche doesn't just hit overvalued stocks.
It hits anything liquid.
COPPER JUST REACHED A NEW ALL-TIME HIGH OF $6.64/IB
Prices are soaring due to a massive rush for US stockpiling, the AI data center boom, and global mining shortages. 🚀
We are excited to announce that @tether, the largest stablecoin company in the world, is making a strategic investment of $200M into Whop, valuing us at $1.6B.
Our partnership with Tether marks a major step in building the world's largest internet market. Tether is committed to enabling everyone in the world to participate in the new internet economy. The way humans work and create value is changing fast. The world needs both an open internet market giving people a platform to conduct business, as well as a transparent payments network.
Tether and Whop together will work to bring a sustainable income to billions of people throughout the world. There is enormous opportunity when you combine Tether’s global scale and wallet technology with Whop’s community of next generation entrepreneurs.
My co-founders and I met as teenagers on the internet selling software. We first launched Whop as a way for us to sell our own software to people in Facebook and Discord forums. Prior to Whop, the place we found customers was different from the place we collected payments, different from the place we talked to customers, and there wasn’t a central place to “do business” on the internet.
In partnership with Tether, we will be scaling infrastructure in real-time for new business models as they emerge across the globe.
The job is just getting started.
🚀