Bitcoin dropped about 9% as investors reacted to a mix of market pressures, including large capital raises by major AI and space companies. Traders suggest some institutions are selling crypto holdings to free up cash for opportunities linked to firms such as SpaceX, OpenAI, Anthropic and Alphabet, which together could attract hundreds of billions of dollars in investment. The decline was also fueled by continued ETF outflows, Mt. Gox repayment concerns and technical selling. The selloff matters because it reflects growing competition for investor capital. Markets will watch whether Bitcoin demand recovers as these fundraising events progress.
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