Analysis: Bitcoin's rebound is fragile, and large-scale IPOs from SpaceX and Anthropic may continue to drain liquidity

Odaily Planet Daily News Bitcoin's recent rebound lacks solid support. Unlike early February when it fell to $60,000, ETF outflows were only $318 million at that time, but total weekly trading volume reached as high as $46.15 billion, indicating panic selling and fierce competition between bears and bulls in the market. Last week was different, with ETF outflows accelerating while trading volume was low, suggesting the market is experiencing sustained capital outflows, rather than a typical local bottom panic liquidation.

Therefore, the sustainability of Bitcoin's rebound remains questionable. To push the price back onto a clear upward trajectory, a significant increase in ETF demand may be needed. However, based on the current situation, this seems unlikely, as two major IPOs from SpaceX and Anthropic are set to launch, potentially continuing to drain liquidity from the broader market, including the crypto asset market. In the short term, Bitcoin still faces structural pressure, the rebound could be weak, and ETF demand along with the dynamics of large-scale IPOs will be key indicators. (CoinDesk)